Jinhua in East China's Zhejiang province rolled out a new talent policy at a news conference on April 23.
According to the policy, authorities will unveil 45 measures to encourage local enterprises to pursue innovation.
Specifically, enterprises that have established a provincial research and development institution will be awarded up to 5 million yuan ($722,375.19) each, while national little giant enterprises will receive 1 million yuan each.
The local government has also set up a special fund that has granted 262 million yuan to 24 innovation projects.
During the conference, authorities designated May 6 as the city's Talent Day as part of efforts to attract more high-caliber talents.
The city government will provide up to 20 million yuan in research subsidies and 400,000 yuan in housing subsidies to professional talents.
In addition, college graduates will receive living, transportation and housing allowances.
