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China to expand reforms in innovation

Updated: Sep 14,2017 5:05 PM

The State Council released a circular on Sept 14 to step up efforts to encourage innovation with preferential measures.

According to the circular, the innovation move fueled with 13 measures in four aspects will be spread nationwide, including eight areas, like Beijing-Tianjin-Hebei region, Shanghai municipality, and the Pearl Delta region in Guangdong, where pilot reforms in innovation are being carried out.

In technological-finance innovation, the measures include one-stop investment and financing information services for SMEs and the pledge for patent rights associated with loans, insurance and risk compensation from finance.

To create a beneficial environment for innovation and entrepreneurship, a one-stop service will be extended for quick approvals, ownership confirmation and rights safeguard of patents. An innovation-driven assessment and stimulation in State-owned enterprises, and integrated central and local taxation will also be implemented.

In addition, excellent international students and high-level foreign talent are welcomed to work in China, and their application for residence permits will be facilitated.

In military-civilian integration innovation, measures such as sharing large military or civilian instrument and equipment for national defense and research are encouraged to be widely adopted.

The implementation of each measure is undertaken by related authorities such as the State Intellectual Property Office, the People’s Bank of China, and the Ministry of Industry and Information Technology. The National Development and Reform Commission and the Ministry of Science and Technology are responsible for the supervision of implementation.