Putuo, a district in Zhoushan, East China's Zhejiang province, plans to issue "aquatic product coupons" to support the upgrading of local companies, Zhoushan Daily reported on Sept 23.

The aquatic product coupons include technological research and development (R&D) coupons, intellectual property (IP) coupons, and inspection and testing coupons.

The technological R&D coupons will be used to assist members of the Putuo Aquatic Product Complex Industry Alliance in making technological breakthroughs.

Alliance members will receive a maximum subsidy of 400,000 yuan ($58,000) if they overcome technological challenges, which are recognized by the alliance, for projects worth more than 1 million yuan.

The IP coupons will be used to support the development of IP intermediary service organizations. These organizations will receive a subsidy of up to 50,000 yuan after aquatic product companies obtain patents for inventions or utility models with their assistance.

The inspection and testing coupons will be distributed to alliance members. Companies with annual sales revenue of 200 million yuan or above, 100 million yuan or above, and lower than 100 million will receive coupons worth 100,000 yuan, 8,000 yuan, and 5,000 yuan respectively per year.

The Putuo Aquatic Product Complex Industry Alliance has 62 member companies, according to Lu Zhijun of the Putuo economic informatization and science and technology bureau.

Lu said that Putuo will start issuing the aquatic product coupons next month, with no limits on the amount.