LHASA, March 23 (Xinhua) -- Southwest China's Tibet Autonomous Region has issued 5.43 million yuan (765,300 U.S. dollars) to over 90 companies deemed as innovative, according to the regional financial department.

The subsidy was part of the region's efforts to spur innovation and entrepreneurship initiated in March last year. It is issued to startups, small and medium enterprises, and incubators in the region.

Technology-oriented enterprises can apply for up to 100,000 yuan each year, while startup teams can get up to 50,000 yuan per year.

In September 2019, Tibet issued a development plan to further support innovation and entrepreneurship among Tibetan people aged between 14 and 35.