Authorities announce the inauguration of the North Hongqiao Entrepreneurship Alliance in Jiangqiao town, Jiading, Shanghai, on Aug 18. [Photo/jiading.gov.cn]

The North Hongqiao Entrepreneurship Alliance was inaugurated in Jiangqiao town, Jiading district, Shanghai on Aug 18.

The alliance was initiated by 10 organizations including an overseas Chinese startup affiliated to Tohkin Group, Sifang Scientific Innovation Center, and Yida North Hongqiao Pioneer Park.

The organizations will work together to guide and nurture local startups and encourage innovation. They intend to vitalize current resources, improve investment in entrepreneurship and fundraising mechanisms, and take advantage of government funds for entrepreneurship and innovation and preferential policies.

Officials and business leaders attend the inauguration ceremony of the North Hongqiao Entrepreneurship Alliance in Jiangqiao town, Jiading, Shanghai on Aug 18. [Photo/jiading.gov.cn]

The North Hongqiao Entrepreneurship Fund was also launched at the inauguration ceremony. Jiangqiao will grant 2 million yuan ($299,700) to the fund every year, to be used as subsidies for housing, employment, and startups.

Jiangqiao town has kept strengthening its support for entrepreneurship and innovation in recent years, building an abundance of business incubators, and attracting a large number of top enterprises.

According to statistics, the town has built 10 business incubators with 350 companies moving in, helped 188 startup organizations, given about 1.66 million yuan in subsidies to 187 startup firms, and granted 3.65 million yuan in loans to 19 companies since 2015. Its startup firms have created jobs for 1,126 people.