Hohhot Economic and Technological Development Zone [Photo/Hohhot news network]

The Hohhot Economic and Technological Development Zone in Hohhot, North China's Inner Mongolia autonomous region has allocated a batch of technological and industrial special funds totaling 16.48 million yuan ($2.59 million) for science and technology that were issued by authorities, according to Hohhot Daily.

The funds will be used for the transformation and commercialization of scientific and technological achievements of enterprises in the development zone, as well as promote the high-quality development of small and medium-sized enterprises in the zone.

The funds will be used for the development of major sci-tech projects of seven local companies as well as authentic Mongolian medicinal materials and scientific and technological innovation base construction projects.