The fourth China Hemudu Smart Manufacturing Entrepreneurship and Innovation Competition is launched in Yuyao county of Ningbo on Dec 31. [Photo/cnnb.com.cn] 

The fourth China Hemudu Smart Manufacturing Entrepreneurship and Innovation Competition was launched in Yuyao county, Ningbo on Dec 31, local media reported.

The contest, which solicits innovation and entrepreneurship projects, is part of Yuyao's efforts to promote the development of the smart manufacturing sector.

Participants can sign up via the event's official website: www.haichuanggu.com.

A total of 12 submissions will be selected to take part in the final.

The first prize winners in the final will receive government subsidies of up to 20 million yuan ($2.98 million) on the condition that their projects are included in the 3315 Plan, an initiative launched by the Ningbo municipal government to attract global talent.

In the first three years that the contest was held, 50 project entries were submitted from across the world in the smart manufacturing sector, more than 10 of which ultimately set up shop in Yuyao.

In recent years, Yuyao has been working to develop its smart manufacturing sector. The city has been designated as the permanent host city of the China Robot Summit.