Shenyang, the capital city of northeast China's Liaoning Province, has revised its "Xingshen Talent Plan" to boost talent attraction and development, local officials recently announced.

The 2024 version includes 24 policy measures across four areas, aiming to adapt to new development requirements.

Under the revised plan, companies solving critical technical challenges can receive rewards up to 20 million yuan ($2.8 million), while teams can get up to 5 million yuan. It supports about 25 talent teams annually to commercialize research or start tech companies in Shenyang.

Innovation teams can receive annual subsidies of 50,000 to 500,000 yuan for up to three years. Entrepreneurial teams may get startup funds up to 10 million yuan and rewards up to 20 million yuan.

The plan also provides up to 5 million yuan for newly approved national-level key laboratories and innovation centers. New research institutions can receive subsidies up to 3 million yuan based on talent cultivation performance.

Cheng Hu, vice president of Kingsemi Co., Ltd., praised the policy, saying it gives researchers confidence to tackle technical challenges.

An official of the Organization Department of the CPC Shenyang municipal committee said the revised plan aims to provide a platform for talents to showcase their abilities and achieve their goals.