Authorities in Chongchuan district in Nantong, East China's Jiangsu province, held an innovation conference on Feb 15. 

A series of favorable policies and a three-year action plan were released at the conference. 

According to the policies, the district will provide subsidies of up to 6 million yuan ($875,241.98) to an entrepreneurial team. Qualified graduates who work for the first time or start their own businesses in the district will enjoy benefits, such as monthly living allowances of up to 6,000 yuan, as well as apartment and housing subsidies. 

Authorities will also grant awards to its high-tech enterprises, offering an incentive of up to 1.2 million yuan to newly established city-level innovation projects. 

Provincial gazelle enterprises, potential unicorn enterprises, and unicorn enterprises will receive awards of 400,000 yuan, 600,000 yuan, and 1 million yuan respectively, while national high-tech enterprises will be given an award of 750,000 yuan. 

Enterprises that spend more than 5 million yuan on research and development a year will be eligible to receive up to 950,000 yuan in rewards. 

In addition, authorities will strengthen financial support to high-tech enterprises, providing equity investment worth 30 million yuan, 50 million yuan, and 100 million yuan to eagle enterprises, gazelle enterprises, and unicorn enterprises respectively.