With its growing importance in the county's overall economy, Changsha has set up a special fund of 50 million yuan ($7.47 million) to develop its modern service industry, local media reported.

The Hunan province county has been striving to develop its modern service industry focusing on 10 major fields, including e-commerce, modern logistics, automotive aftermarket sales, headquarters economy, modern finance, service outsourcing, cultural tourism and emerging service industries.

"The subsidies will benefit a wide range of industries, taking various aspects and development stages into account," said an official of the bureau of commerce of Changsha county.

"Newly registered enterprises, despite being below designated scale, will also have an access to the financial support," said the official, adding that emerging service enterprises can get subsidies of up to 200,000 yuan to engage in technology research and development, creative designs and training.

The new policy hopes to encourage new and promising enterprises to settle down in the county.

A bird's eye view of Changsha county, Central China's Hunan province. [Photo by Peng Kejia/icswb.com]

Apart from individual enterprises, industrial clusters such as e-commerce, modern logistics, service outsourcing and cultural creativity will also benefit from the policy.

A subsidy of as much as 2 million yuan will be allocated to industrial clusters, demonstration bases and incubator bases after being approved and identified, according to the county's commerce bureau.

Construction of commercial complexes in both rural and urban areas will be able to get a grant-in-aid of up to 5 million yuan.

According to an announcement made by Changsha county commerce bureau, all qualified enterprises are able to submit applications to their local office of economic development. The deadline is Aug 30.