Yinchuan, capital city of Northwest China's Ningxia Hui autonomous region, announced 30 measures to promote selection and cultivation of sci-tech talents to take on research and development in leading industries on May 30.

Officials hold a press conference to announce measures on spurring scientific and technological innovation among local firms in Yinchuan, Ningxia Hui autonomous region on May 30. [Photo provided to chinadaily.com.cn]

According to the plan, Yinchuan is going to nurture 50 leading sci-tech figures and 100 innovation-oriented teams of major industries in a span of three years.

During the incubation period, individual candidates are expected to receive financial assistance worth 300,000 yuan ($45,060) at most from local government while group candidates will be awarded a maximum of 500,000 yuan.

High-caliber talents are entitled to apply for financial assistance worth five million yuan at most for each research project.

Meanwhile, the city will set up a performance-based assessment mechanism for all talents, and establish a special pool to facilitate exchanges among them.

The city will also promote innovative development of small and medium-sized enterprises, by strengthening the collaboration among institutes and firms, bridging projects with talents, and facilitating enterprises to launch their own research departments.

One-off release of financial assistance will be replaced with annual allocation with varying amounts to sustain the firms' innovative efforts. More categories of corporate expenditure will also be added to R&D spending, with a view to encourage firms to seek independent innovation.

In addition to creating and upgrading a number of key laboratories and business incubators, the city will assist prospective firms to establish their R&D centers in eastern China.