The technological contract turnover in Zhoushan, East China's Zhejiang province exceeded 6.2 billion yuan ($889 million) in the first eleven months of 2019, according to official data recently released by the city's municipal bureau of science and technology.

That figure is up 264 percent from the same period last year and brought the completion rate of the technological contract turnover's annual target to more than 387 percent, higher than any other city in the province.

In recent years, the city's municipal government has been striving to promote an innovation-driven development strategy and has issued a series of incentive policies to boost technological contract transactions.

"The municipal bureau of science and technology has inspected the city's industrial parks and enterprises to promote policies on technological innovation and boost the technological transaction market," said an official at the bureau.

A maritime engineering equipment company based in Nantong, Jiangsu province recently signed a technological contract for oil tanker designs worth 3 million yuan with Zhoushan Wonderful Marine Design Co Ltd.

"Technological innovation is the top priority in the ship design industry. Thanks to the government's efforts, our company has attained two new patents and completed technological contract transactions worth over 12 million yuan in 2019," said Ye Da'nan, deputy general manager of Zhoushan Wonderful Marine Design.