Taiyuan is encouraging local companies to introduce advanced and applicable technological achievements from home and abroad by offering subsidies, according to the Taiyuan science and technology bureau. 

For a project related to technological achievements and patented technologies -- which pioneers in China and successfully transformed and applied in the city -- Taiyuan will subsidize 30 percent of the technical contract transaction amount paid by the company for the project, to a maximum subsidy of 1 million yuan ($141,914). 

High-tech industrial projects that bring in advanced technologies, create products within three years and contribute over 20 million yuan to annual sales will be given a reward of 1 million yuan. 

Officials said that companies applying for subsidies should be registered in Taiyuan and have an independent legal and good credit status.