Northeast China’s Shenyang city launched a new policy on Aug 26 to encourage innovation and entrepreneurship, whereby newly established working platforms for micro and small-sized businesses will get a maximum investment subsidy of 3 million yuan ($44.9 million), Shenyang Daily reported.

The new policy is targeted at enterprises that make use of idle plants and equipment, or renovate original workplaces to build a working platform for businesses and startups. Such enterprises will get a subsidy from the government of 30 percent of their total investment, and the maximum subsidy will be 3 million yuan.

Based on the policy, firms must satisfy the following conditions to gain the subsidy.

First, the innovation and entrepreneurship working platform must register at Shenyang City and be built in the key industrial parks of Shenyang.

Second, the gross area of the platform must be more than 4,000 square meters, and the net area of it should not be less than 2,000 square meters.

Third, the platform should provide complete infrastructure including power, water, roads, and communications; along with services such as management consultancy, technical support, training, information and acting as a transactional proxy for businesses.

Fourth, the amount of micro and small-sized businesses settling in the platform should not be less than 10.

In addition, the Shenyang government also encourages innovation and entrepreneurship platforms to provide preferential policies for businesses, with the platform eligible for an annual subsidy of 500,000 yuan to five million yuan.