Baotou Rare Earth High-Tech Industrial Development Zone has been selected as a platform for innovation and entrepreneurship of small and medium-sized enterprises (SME) supported by national science and technology resources, according to a Dec 5 Baotou Daily report.

A fund of 50 million yuan ($7.28 million) is to be issued to the development zone. A total of 25 million yuan will be given in the first year, 10 million yuan will be given in the second year and 15 million yuan will be given in the third year.

The first batch of money, 25 million yuan, has been allocated to the finance bureau of Baotou.

The special fund will help develop the zone into a platform for innovation and entrepreneurship of SMEs, providing innovative and entrepreneurial services for SMEs in terms of technology, financing and management. It will actively improve the development environment for the private economy and promote the further development of SMEs in Baotou city.

Approved by the State Council in 1992, Baotou Rare Earth High-Tech Industrial Development Zone is the only high-tech district dedicated to the rare earth industry among China’s 53 national high-tech zones, and is the only national-level high-tech zone in Inner Mongolia.

Baotou Rare Earth High-Tech Industrial Development Zone [Photo provided to chinadaily.com.cn]