Authorities of the Nantong Economic and Technological Development Area (NETDA) in East China's Jiangsu province recently released a series of policies to bolster the area's software and information technology industry.

According to authorities, the policies are aimed at providing support to enterprises engaged in software development and information technology services.

Specifically, the local government will give an award of up to 1 million yuan ($137,290.62) to newly-established information technology companies that that pay social security for 20 employees for more than six months.

Authorities will also give awards of 1,000 yuan, 2,000 yuan and 3,000 yuan to assistant engineers, intermediate engineers and senior engineers, respectively.

Enterprises that generate a revenue of more than 50 million yuan, 80 million yuan, 100 million yuan, 500 million yuan and 1 billion yuan will receive an award of 500,000 yuan, 800,000 yuan, 1 million yuan, 3 million yuan and 5 million yuan, respectively.

In addition, authorities will provide financial support ranging from 500,000 yuan to 2 million yuan to companies that are focused on hackerspaces and high-tech business incubators.