A competition to promote innovation and entrepreneurship was kicked off in Xi'an, the capital of Shaanxi province.

Xi'an Innovation and Entrepreneurship Competition which last from April to August was sponsored by Xi'an municipal science and technology bureau and Xi'an high-tech industrial development zone, one of the top high-tech development zones in China.

Wu Haichao, official with Xi'an science and technology bureau, said that more than 500 enterprises, innovation teams and persons including some 100 students' innovation teams from more than 20 universities took part in the competition and the winning innovation projects will be expected to attract venture capital fund.

"Taking this competition as an opportunity, Xi'an will further optimize the environment for innovation and entrepreneurship, in order to continue to enhance the level of innovation and entrepreneurship in the city," Wu said.

To encourage technological entrepreneurship and innovation, the competition sets rich reward, from which the top winner can get 300,000 yuan ($48,260), and provides entrepreneurship credit loans to the winning innovation projects.

Gui Xiaoyan, one of the contestants from Xi'an Sikai Smart technology Co, Ltd, said that his company took a project of smart flying machine to the competition and felt glad that the competition provided such a good platform for them entrepreneurs to exchange technology, get investment and promote market.

According to An Jianli, director of the administrative committee of Xi'an high-tech industrial development zone, the zone has long been playing an important role in the city to encourage entrepreneurship and innovation and to promote scientific and technological achievements to transfer into production.

At present, An said, the zone attracted more than 32,000 high-tech enterprises to set their research and production bases in it and has 24 incubators for all kinds of technological enterprises, of which 14 incubators are at State level.