China's southern tech city of Shenzhen said recently it would offer up to 300 million yuan in financial incentives per project as part of a push to become an innovation hub for satellite development and related industry applications. Shenzhen's push to develop its satellite industry chain is in line with ongoing efforts to transform itself into a smart city powered by artificial intelligence and big data. The beefing up of Shenzhen's satellite manufacturing and applications capabilities come as the Greater Bay region-comprising Guangdong, Hong Kong and Macau-develops its own satellite constellation. （China's Shenzhen dangles financial incentives to spur satellite sector, by Reuters）

Shenzhen's efforts in advancing satellite industry through financial incentives, not only demonstrates its emphasis on technological innovation, but also will promote China to develop satellite industry with self-reliant IP.