Representatives of the 12 winning projects pose for a group photo at the third Global Contest of Innovation in Smart Manufacturing in Yuyao city in Ningbo, East China's Zhejiang province, on May 9. [Photo/zjscwl.cn]

The third Global Contest of Innovation in Smart Manufacturing came to an end in Yuyao city in Ningbo, East China's Zhejiang province, on May 9. Twelve projects stood out from 112 candidates and won awards. 

The winning projects will be granted funds of up to 20 million yuan ($2.91 million), and will be engaged in cooperation discussions with some of the leading local companies.

Project representatives and executives from some of the leading local companies attend the contest's award ceremony. [Photo/zjscwl.cn]

The contest, initiated by Yuyao in 2016, is open to smart manufacturing projects across the world, with the goal of driving the development of the robotics industry and smart economy.

It has attracted many quality projects to settle in Yuyao over the past two years, and the 12 awarded projects also expressed willingness to stay in the city. 

"For high-profile entrepreneurs, what they value is a mature and high-end industrial chain in an area. Yuyao, as a place with burgeoning smart manufacturing and robotics industries, is attracting more and more talents in this field," said Liao Yan, executive president of Zhejiang Saichuang Weilai Entrepreneurship Investment Management Co, the organizer of the contest.

Yuyao has been devoted to driving the development of its smart economy through introducing talents, with multiple innovative platforms having been built over the years, such as the Zhejiang University Robotics Institute and the Ningbo Intelligent Manufacturing Industry Research Institute. 

With an emphasis on development driven by industry, Yuyao has formed a distinct and competitive industrial system focusing on home appliances, photoelectric information, new materials, energy-efficient lighting and auto parts.