BEIJING -- China has launched a three-year plan to offer monetary incentives to provincial-level regions that have made achievements in fostering patent technology transfers from small and medium-sized enterprises.

The plan was unveiled in a recent notice jointly released by the Ministry of Finance and the National Intellectual Property Administration. It aims to support SME innovation, helping promote the utilization of their patented technologies and prevent them from lying dormant.

Provinces, autonomous regions and municipalities with well-developed schemes, proper measures, strong execution and outstanding achievements in transferring patent technologies will each be awarded 100 million yuan (about $15.3 million), according to the plan.

The monetary incentives can be used to further help SMEs acquire and materialize patent technologies and carry out intellectual property pledge financing.