A newly established blockchain industrial park in Hangzhou China is offering millions of dollar-worth subsidies in an effort to attract high-level blockchain talents and startups, and furthermore, to promote the vigorous development of blockchain industry in the region.

The industrial park, launched this April acting as an incubation center for blockchain startups from around the globe, is on operation with the funding of Xiong’An Global Blockchain Innovation Fund, whose launch triggered sensation at that time for its great amount ($1.6 billion) and 30% of it comes from local government-guided funds.

According to the recently-published policy, the industrial park plans to offer a maximum of 3 million yuan (roughly $470,000) settle-in allowance along with other living allowance to high-level blockchain talents.

In order to attract blockchain-related startups to base there, the Industrial Park provides startups in early stage with a maximum of 1.5 million yuan (roughly $240,000) in rent subsidy and 6 million yuan (roughly $940,000) in research and development support.

The policy laid stress on the need for bringing in mature blockchain enterprises, especially those whose previous year revenue reaches 5 million yuan (roughly $800,000). For mature enterprises, the housing subsidy will be up to 3 million yuan and R&D funding up to 5 million yuan.

Apart from that, eligible startups or enterprises could apply for business loans up to 5 million yuan, a maximum of 1.5 million as angel fund and 20 million yuan as equity investment fund support when its business enters into the commercial productive stage.

While currently it is unclear what criteria a startup shall met to be eligible to apply for the subsidies above.

It marks the latest practical action from the local government in China to offer favorable policies for the emerging blockchain industry. Apart from that, the country’s  national standards for blockchain is on the way and expected to be completed by the end of 2019.