Auditions for the 2020 Hangzhou innovation and entrepreneurship competition for high-end overseas talents are scheduled for Aug 25-27 and Sept 3-4. [Photo/zjol.com.cn]

Entries for the 2020 Hangzhou innovation and entrepreneurship competition for high-end overseas talents are scheduled to be held Aug 25 to 27 and Sept 3 and 4, local media reported.

A total of 1,446 projects, 1,038 from overseas returnees and 408 from foreigners, will compete in the mass selection process with 120 to be chosen as winners.

The candidates come from 20 countries and regions in Europe, North America and Asia, with most having obtained master's degrees or doctorates and focusing on industries such as the digital economy, life sciences and intelligent manufacturing.

In light of the COVID-19 pandemic, the entries will be reviewed online.

One first-prize winner, four second-prize and seven third-prize winners will receive 200,000 yuan ($28,940), 100,000 yuan and 50,000 yuan respectively.

If they successfully commercialize their projects in Hangzhou within one year of the competition, they will get further financial aid of 5 million, 3 million, and 2 million yuan. The figure will be 1 million yuan or 200,000 to 1 million yuan for projects that qualify for the finals and semi-finals.

In addition, projects settled in Hangzhou will enjoy preferential policies issued by their registration districts, including tax reduction and exemption, rent subsidies, financing guarantees and loans at discounted interest rates.

Since the competition was unveiled in 2015, the five editions have attracted nearly 4,000 projects from overseas and settled 129 in Hangzhou with total investment of 1.01 billion yuan.