(Yicai Global) Dec. 26 -- The Huangpu district in Guangzhou, capital of South China's Guangdong province, took the lead in introducing the province's first special support policy for blockchain development, which will also be China's most important backing for blockchain technology.

The new policy was unveiled at the blockchain technology and industrial development forum held in Huangpu yesterday. The district will provide financial support worth CNY200 million (USD30.5 million) per year for the cultivation and growth of the blockchain industry, the local news media reported.

In terms of specific incentives, blockchain companies with annual revenue of more than CNY2 million and annual growth of more than 100 percent will be given CNY500,000 subsidy for introducing talents. Blockchain companies with annual revenue of CNY5 million, CNY20 million and CNY100 million for the first time will be granted CNY500,000, CNY1 million and CNY5 million, respectively.

The Huangpu district will implement the new policy in cooperation with Guangzhou development zone and China electronics standardization institute, a professional body for standardization in electronics and IT industry under the ministry of industry and information technology,

Huangpu saw the province's first blockchain association officially registered in the district in July. At present, the association has more than 100 members.