WUHAN - A Sino-French industrial park in central China's Hubei province has offered cash incentives to top French companies to set up research and development (R&D) centers there.

The Wuhan Ecological Demonstration City said R&D centers established by French firms on the Fortune 500 list or industry leaders can receive up to 5 million yuan ($754,300) annually for three years.

Preferential policies related to funding, land use and subsidies have been issued to lure French companies to the demo city, which was set up in 2014 to house eco-friendly and innovative businesses.

Renault and Electricite de France are among the French firms that have settled in the demo city.

The Wuhan industrial park project was launched after the success of a similar project between China and Singapore in the northern port city of Tianjin.

The Tianjin Eco-City is home to entertainment, information, new energy and financial industry companies.