China's northernmost Heilongjiang province will allocate an annual fund of no less than 200 million yuan ($31.4 million) to develop its ice and snow industries, local authorities said Wednesday.

The province has introduced incentives for setting up company headquarters and new projects in the ice and snow industries, as well as the transformation of spare real estate into indoor skating rinks, said Chen Zhe, head of the provincial culture and tourism department.

Heilongjiang Province is a popular destination for winter tourism in China. The provincial capital, Harbin, has gained international attention for the International Ice and Snow Festival, which was first held in 1985 and features massive, elaborate ice sculptures, competitions and winter sports.