Pingtan Comprehensive Pilot Zone has released a set of detailed regulations regarding the issuance of subsidies to companies and research institutes promoting innovation inside the zone.

According to the new regulations, research institutions that are independent legal entities can apply for a one-off subsidy of 600,000-1 million yuan ($89,000-150,000), while institutes not holding this status are entitled to a slightly lower subsidy of 300,000-600,000 yuan.

Bodies working to facilitate the commercialization of research findings will be granted subsidies of 200,000-300,000 yuan, and start-up incubators qualify for a payment of 50,000-100,000 yuan.

The zone will carry out performance evaluationson the abovementioned institutions every two years.

Small and medium-sized companies based in Pingtan that focus on technological innovation are also entitled to supportas long as they have been registered in the zone for at least one year, generated income of at least 1 million yuan the previous year, and hold proprietary intellectual property rights or patents.

In addition, at least five percent of the company's staff must be engaged in research and the company must allocate a certain amount of funds to research in order to qualify for the subsidies.

SMEs that meet these criteria will be entitled to a one-off 50,000 yuan subsidy, as well as support with fund-raising and a number of other services.

Conferences aiming to boost technological cooperation between Pingtan and Taiwan will get a considerable amount of subsidies. National eventsare set to get an 80,000 yuan subsidy, whileprovincial ones will receive 70,000 yuan.

Meanwhile, such conferences organized by institutions from Taiwan will enjoy an even higher subsidy:120,000 yuan for national events and 105,000 yuan for provincial ones.