Hangzhou, capital city of eastChina's Zhejiang Province, issued a series of preferential policies for hi-tech industry January 14.

According to these policies announced by Qiu Baoxing, acting mayor of Hangzhou, registered capital for new hi-tech enterprises may be injected into these firms in stages, and engineers returning from study abroad will need only 1,000 US dollars of registered capital to set up such an enterprise.

The city government will also offer a one-time financial aid package to those engineers who have made contributions to the city's hi-tech industry when they decide to open their own business.

Also, Qiu said that the fruits of hi-tech research will be considered intangible capital for stock investment.

The policies also allow postgraduate and undergraduate studentsto become involved in opening hi-tech enterprises while they are still students.

All technological personnel at research and higher educational institutes also are encouraged to open enterprises.

Hangzhou also will provide assistance to technological personnel from other provinces when they relocate and open business in the city. (Xinhua)