The qualifying contest for the Seventh Tsinghua Alumni Sanchuang Contest takes place in Binhu district of Wuxi, East China's Jiangsu province, on May 23. [Photo/WeChat account: wxbhfb]

A qualifying contest for the Seventh Tsinghua Alumni Sanchuang Contest was launched in Binhu district of Wuxi, East China's Jiangsu province, on May 23, marking the beginning of the Taihu Bay Technological Innovation Roadshow Competition.

Sponsored by the Tsinghua Alumni Association and Binhu district government, the competition aims to serve as a platform for entrepreneur teams consisting of Tsinghua University alumni to showcase their achievements and help Binhu bring in more Tsinghua University graduates.

Thirty-seven entrepreneurial teams from around China have signed up for the contest. Their projects involve competitive industries in Binhu, including health science, integrated circuits, and software and information.

Prize-winning projects that operate in Binhu and satisfy the requirements for leading entrepreneurial teams in the district will receive a maximum of 10 million yuan ($1.5 million) in subsidies.

Binhu district will also support these projects in the construction of standard plants and the utilization of industrial land. IC projects will receive up to 5 million yuan in financial support and a maximum of 20 million yuan in equity investment.

With its inaugural competition in 2016, the annual Tsinghua Alumni Sanchuang (Creativity, Innovation, and Entrepreneur) Contest has received nearly 4,000 entries.

In 2012, Tsinghua University established the Wuxi Research Institute of Applied Technologies in Wuxi, which has helped the city cultivate 120 enterprises, including 15 high-tech enterprises.

Wuxi is currently home to more than 1,000 Tsinghua alumni, one-fifth of which operate businesses in the city.