Guangzhou Development District (GDD) rolled out a special policy on Jan 17 to put an extra spur on its IAB industries development.

IAB industries are the industries of the next generation of information technology, artificial intelligence and biological medicine, which are considered as power engines for Guangzhou's economy.

According to the policy, a maximum government subsiddy of 200 million yuan ($31.1 billion) will provided to an IAB project which settles down in GDD and a subsidy up to 50 million yuan will be offered to an innovative platform to be set up in the district, or a scientific achievement which realizes commercialization, or an enterprise that grows larger in size.

In February last year, the district launched a raft of policies to boost its advanced manufacturing, modern services, high and new technologies industries and headquarters economy. On May 12, the district launched two other policies aiming to lure more high-end talents and protect intellectual property rights.

GDD is the main battlefield of Guangzhou's highlighted IAB initiative. The district vows to secure a comprehensive scale of IAB industries of 800 billion yuan by the end of 2022, with the next generation of information technology, artificial intelligence and biological medicine industries accounting for 68.75 percent, 12.50 percent and 18.75 percent respectively.