The bureau of industry and information technology in Taiyuan, capital of North China's Shanxi province, recently issued policies to develop the city into a national hub of the information technology (IT) industry.

The policies involve incentives and subsidies for the manufacturing of electronic information products, new-generation semiconductors, IT application innovation, internet of things, big data and artificial intelligence industrial chains.

Taiyuan will support the development of semiconductors, artificial intelligence, information security, and sensor enterprises by giving a one-time reward of 1 million yuan ($147,762), 3 million yuan, and 5 million yuan, respectively, to those generating annual business revenues of 100 million yuan, 500 million yuan, or 1 billion yuan for the first time.

It encourages Fortune Global 500 enterprises, key software companies within the national planning and layout, and national top 100 electronic information, software and internet enterprises to invest in the city's digital industries and will give a one-time award of 2 million to 10 million yuan upon identification.

For software R&D, promotion and application projects with strong independent innovation abilities, core independent intellectual property and rapid industrialization, a one-time award of up to 5 million yuan will be given.

In addition, Taiyuan supports the digital transformation of enterprises and will grant awards of up to 5 million yuan according for each enterprise's investment in software and hardware.