The poster for Hangzhou Qing Shanhu Science & Technology City innovation and entrepreneurship competition for the digital economy [Photo/zjol.com.cn]

An innovation and entrepreneurship competition for the digital economy was launched in Hangzhou Qing Shanhu Science & Technology City in Zhejiang province, local media reported on Sept 25.

The competition aims to attract more innovative projects and high-caliber personnel to start businesses in the technology city.

It is targeting Chinese and overseas professionals under 55 years old, with a master's degree or above, who have experience in innovation and entrepreneurship and who intend to start a business in Qing Shanhu Science & Technology City.

Projects related to digital economy industries -- such as high-end chips, intelligent sensors, intelligent equipment, artificial intelligence and the internet of things -- are among the key focuses.

Applicants may participate as individuals or as a team.

National, provincial and municipal projects -- and those in high-tech and strategic emerging industries ready to be industrialized -- will be prioritized for financial subsidies.

Winning projects which launch in Hangzhou Qing Shanhu Science & Technology City within a year of the competition will be granted a maximum subsidy of 10 million yuan ($1.4 million).

Interested individuals and teams can check out the official website of Hangzhou Qing Shanhu Science & Technology City and submit applications by emailing [email protected] before Oct 20.