The night view of Ningbo, the second largest city in Zhejiang [Photo/IC]

The government of Ningbo, East China's Zhejiang province, will release a series of financial measures to boost the development of local companies this year, local media reported on Jan 31. 

The city will first reduce the contribution of companies to the payment of employees' insurance premiums to save an expected amount of 900 million yuan ($133.7 million) for companies in 2019.

To support the development of its small and micro-sized companies, it will offer awards of 20,000 yuan to 500,000 yuan for those making outstanding progress in innovation.

Subsidies with the maximum amount of 1 million yuan will be granted to projects of building city or national public service platforms for small and medium-sized companies. 

In addition, the city will strengthen its support for local companies to go global, offering subsidies to cover part of the short-term export credit insurance premiums for local foreign trade companies.

It will also raise the subsidies for local companies to participate in overseas business expositions.