Shenzhen-based companies that get listed in the Fortune Global 500 for the first time will now be awarded with bonuses of 30 million yuan ($4.6 million), according to a new policy released by the city’s government.

The policy aims to provide an incentive to the city’s enterprises, encouraging them to grow and expand. The government also hopes the bonuses will promote innovation and continuing development in the companies that receive them.

According to the policy’s guidelines, enterprises that are listed in the Fortune Global 500 for the first time will be awarded 30 million yuan, while those in the top 500 for Chinese enterprises will be awarded 10 million yuan.

Guo Limin, Director of the Economy, Trade and Information Commission of Shenzhen Municipality, explained from 2016 to 2020, Shenzhen plans to build itself into a global hub for technology and innovation. In order to realize that objective, the government wants to propel eight to 10 local companies to enter the Global 500 by 2020.

There were 106 Chinese companies listed in the Fortune Global 500 list released last July, and four of them are headquartered in Shenzhen.