The first Cross-Straits Innovation and Entrepreneurship Competition was launched in Fuzhou, Fujian province, on Sept 12, and is expected to attract innovative startup projects from both sides of the Taiwan Straits in the following month.

The event has been organized by the Pingtan Comprehensive Pilot Zone, Fujian Development and Reform Commission, Fujian Taiwan Affairs Office, and Industrial Securities.

The competition aims to lure excellent entrepreneurs from the Chinese mainland and Taiwan to start up their businesses in Fujian and promote economic development of both sides.

Startups with advanced technologies and market prospects are able to sign up for the competition at the official websites of Haixia Equity Exchange (www.hxee.com.cn) and Industrial Securities (www.xyzq.com.cn). Registration will close on Oct 16.

A total of 10 winners, including one first prize, three second prizes, and six third prizes, will be announced. The winners will be rewarded with 3 million yuan ($449,000), 2 million yuan, and 1 million yuan in equity funds respectively.

If the participants wish to set up their businesses in Pingtan, they will be offered a series of financial services and preferential policies.