(ECNS) -- The southern Chinese city of Shenzhen has promised to offer a 30 million yuan ($4.6 million) reward to companies that gain inclusion on the Fortune Global 500 list for the first time, the China Securities Journal website reports.
It is among a slew of measures utilized by the well-developed Guangdong Province city to encourage companies in improving competitiveness and global influence.
Included among the 162 supportive policies is a reward of 10 million yuan to companies that debut on Fortune China 500.
Some 128 measures are new, accounting for 79 percent of the total stimulus package.
The local newspaper said moves are designed to assist Shenzhen-based companies in innovation-based growth as the city gears up to become an "international and innovative metropolis."
It will facilitate small and medium-sized companies in applying for loans, the report added.
The city also plans to establish a 10 billion yuan fund to support overseas mergers and acquisitions as well as infrastructure construction to help local companies go global and undertake engineering projects in other countries.
Shenzhen built its prosperity on rapid foreign investment after becoming one of the first cities in the nation to adopt "reform and opening up" policies more than 30 years ago. Today, it is home to Shenzhen Stock Exchange as well as the headquarters of numerous high-tech companies.
