ZHENGZHOU - Central China's Henan province will provide financial institutions that support the real economy with a maximum bonus of 8 million yuan ($1.16 million), as part of the province's efforts in financial reform.

Newly established private financial institutions with a paid-in capital of over 1 billion yuan (including 1 billion yuan) will be rewarded up to 8 million yuan, and those with a paid-in capital between 100 million yuan and 1 billion yuan will be given subsidies up to 5 million yuan, according to local authorities.

A series of incentives will also be offered to top-ranked banks with rewards of up to 2 million yuan based on their annual performance and contribution to Henan's economy.

Companies in Henan applying for domestic and overseas listings will also receive subsidies.