Shenyang’s innovation and investment strategy has resulted in the establishment of 14,624 new companies during the January-May period, a year-on-year increase of 26.67 percent, Shenyang Daily reported.

The strategy, which has been in operation since 2015, is aimed at stimulating innovation and entrepreneurship in new industries and startups, further boosting the local economy.

In-line with this strategy, Shenyang has launched new policies to help boost its economy.

Since business incubators are ideal places to grow new businesses, Shenyang set up an entrepreneur alliance in 2015, which consists of 24 spaces where entrepreneurs can set up their businesses. It is expected to help link new business ideas with the government, and further enhance the normalization of business incubation spaces.

In addition, the Shenyang government has signed cooperation agreements with several startup hubs including Huafu Tiandi Innovation and Entrepreneurship Space, and Bozhong Youth Startup Hub.

To provide better technology services for micro and small-sized businesses, Shenyang attaches great importance to the construction of science and technology public service platforms, and encourages these platforms to open to small businesses.

At present, a newly established subsidy mechanism is undergoing trial operations. Micro and small-sized businesses will get a subsidy worth two million yuan ($300,200) from the government when they purchase technology services from specified national-level technology platforms and scientific research institutions.

Meanwhile, Shenyang hosted activities on innovation and entrepreneurship to create a better climate for start-ups. Take the Shenyang Innovation and Entrepreneurship Talk held this May for example, it attracted some 300 people to exchange and share their business experiences.

Hunnan District of Shenyang city has also been approved to be the first innovation and entrepreneurship demonstration base in Northeast China this May.