A total of 24.4 million yuan ($3.43 million) in funding grants were issued by Baotou, in North China’s Inner Mongolia autonomous region -- aimed at boosting scientific and technological innovation in the city, according to a report in the Baotou Daily.

The city secured from the autonomous region’s government 14.4 million yuan in scientific and technological innovation and guidance funds, officials said.

It then allocated those funds to support 73 high-tech companies including Baotou Northern Special Automobile Co and Baotou Saibei Machinery Equipment Co, to help commercialize scientific and technological achievements faster.

Subsidies and technology financial services funds were given to seven tech-based enterprises, including Baotou Jiangyue Information Technology Co and Baotou Jinshan Magnetic Materials Co.

The city also allocated 10 million yuan in city-level application technology research and special development funds, supporting key projects including Beiben Trucks Group Co’s new energy intelligent network truck development project.

The grants aim to promote key technologies in six areas, such as the construction of strategic alliances for technological innovation in the intelligent manufacturing industry for new energy vehicles.

The funds were elsewhere used to support an agricultural science and technology park’s demonstration of integrated technology applications.

They will also support R&D of agricultural recycling machines and other three projects, as well as promote sharing of scientific research instruments and information systems development.