WUHAN, March 13 (Xinhua) -- Central China's Hubei Province will hold an innovation competition to attract overseas Chinese to start businesses in the province, organizers said Tuesday.

The competition will focus on artificial intelligence, smart manufacturing and industrial big data, which are of vital importance to the province's industrial transformation and upgrading.

"Different from other innovation competitions, we will offer continuous support for participants after the contest besides awarding the winners," said Feng Xiguo, vice director of the provincial overseas Chinese affairs office.

The winners will be awarded prize money ranging from 50,000 yuan (around 8,000 U.S. dollars) to 600,000 yuan.

The competition is scheduled to be held in June in Wuhan, capital of Hubei. The registration work started Tuesday.

China's economy has entered a period featuring medium-high growth rather than fast growth, along with upgraded economic structure and innovation. The changes in the world's second-largest economy are driving demand for skilled workers and entrepreneurs.

An innovation competition will be also held in the southern city of Shenzhen in April to draw high-level foreign talent to help the city's scientific projects and encourage industrial innovation.