Rare Earth High-Tech Industrial Development Zone issued 2.85 million yuan ($420,000) to 14 firms in the zone to encourage entrepreneurship and innovation, according to Baotou Evening News.

The 14 firms consist of eight industrialized firms that have been settled in the zone and six incubating firms.

The money was issued by the service center of the zone, which is the authorized institution for recommending qualified firms for the fund. The center is responsible for screening the projects, reviewing the materials, making recommendations to the Innofund, and carrying out and tracking assessments.

The Innovation Fund for Small Technology-Based Firms (Innofund) is a special government fund set up under the approval of the State Council in 1999. The Innofund is aimed at facilitating and encouraging innovation, targeting small and medium-sized technology-based firms in China.

Rare Earth High-Tech Industrial Development Zone, Baotou, Inner Mongolia autonomous region. [Photo/Baotou Evening News]