Organizers launch the third global marine economy entrepreneurship competition of Zhoushan in Shanghai on July 3. [Photo/zhoushan.cn] 

Zhoushan, in eastern Zhejiang province, is ramping up its efforts to recruit top quality talent to promote its marine economy, with its third global marine economy entrepreneurship competition launched in Shanghai on July 3. 

An annual event staged by the municipal government of Zhoushan since 2017, the competition this year adds environmentally friendly petrochemicals to its previous focuses on advanced intelligent manufacturing and life sciences. 

The competition, lasting until October, has qualifying rounds in 10 cities, and each city will send 20 projects to compete to qualify for the finals. 

Organizers have set generous awards for winners, who will receive funds of 500,000 yuan ($72,700) to 3 million yuan if they settle in the city. A special award of a maximum 5 million yuan is set to be handed out to the most outstanding ones for the first time.

Projects that have already received more than 2 million yuan in investments will be granted subsidies of 1 to 10 million yuan if they settle in Zhoushan.

The competition has also prepared another two special awards, for the first time, for outstanding projects to settle in entrepreneurship platforms established by Zhoushan in Hangzhou, and for projects exclusively owned by colleges and universities. 

For outstanding projects led by college students, the competition also provides 200,000 yuan in subsidies if they settle in Zhoushan.

The previous two competitions attracted participants from more than 20 cities and districts – including Berlin, the Silicon Valley, Beijing, Shanghai, Shenzhen, Xi'an and Qingdao – and led to more than 30 high-end projects settling in the city.

A Zhoushan official talks about her city's favorable policies for entrepreneurial projects at the launch meeting. [Photo/zhoushan.cn]