The finals for the Ningbo Global New Materials Industry Contest opened in Ningbo in eastern Zhejiang province on Sept 25 -- with 15 entrants vying for top prizes, according to the organizers.

The contest, now in its sixth year, has become a significant platform for the city to recruit international professionals and attract investments.

Official data shows that 20-plus high-tech companies have landed in Ningbo via the contest, with a total investment of 2 billion yuan ($280 million).

The contest -- in line with the city's drive to build a dozen high-tech industrial clusters -- focuses on collecting entrepreneurial projects in the fields of new materials, high-end equipment and automobile manufacturing.

Chen Bingrong, deputy mayor of Ningbo, noted at the launch ceremony of the contest in April, that the city will stick to its strategy of building itself into a strong industrial city driven by innovation.

Chen expressed the hope that the competition would see more capital come to the city and talent settle down there.

Preliminary rounds of the contest took place in mainland cities including Suzhou, Changsha and Harbin, as well as overseas in countries like Australia and New Zealand.

Of the 200-plus entry submissions, 15 were selected to be finalists.

The past six years have seen over 17,000 projects sign up for the contest from countries including the United States, Japan, Germany and Australia.

The final winners of the latest contest will enjoy a series of preferential policies when it comes to doing business in Ningbo, including rent subsidies and low interest rates on loans.

A preliminary round for the Ningbo Global New Materials Industry Contest takes place in Australia in July. [Photo/cnnb.com.cn]