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Innovation hubs to spring up around China

Updated: Mar 31,2016 11:02 AM

The State Council executive meeting on March 30 decided to establish three more national innovation demonstration zones, bringing the number of such areas to 14 and encouraging innovation and transformation.

Based in the provinces of Henan, Shandong, and Liaoning, the three new innovation demonstration centers will have their own features.

With bases in high-tech zones in Zhengzhou, Luoyang, and Xinxiang, the new national innovation demonstration center in Henan province will forge a hub for high-end equipment manufacturing, electronic information, new materials, new energies, and biological medicine.

In Shandong province, Jinan, Qingdao, Zibo, and six other cities on the peninsula contribute 54 percent to the province’s GDP and enjoy more than 75 percent of the region’s science and education resources. Furthermore, high-tech zones in the region are innovation-proactive, with the potential to drive Shandong’s development.

Liaoning’s national innovation demonstration center, with bases in national high-tech zones in Shenyang and Dalian, will create an economic belt of high-tech industries and promote transformation and upgrade of the old industrial base in China’s northeast regions.

The State Council executive meeting on March 30 also focused on promoting the construction of a technology innovation center in Shanghai.

Comprehensive innovation reforms will be implemented in China’s financial hub within three years, according to the meeting.

In addition, the reforms include constructing a national scientific center, and exploring some test measures such as preferential tax system that encourages entrepreneurship and innovation, financial service innovation, equity trusteeship market, and foreign investment management.

Aimed at improving the system of technology innovation and boosting strategic emerging industries, the national innovation demonstration centers are pilot zones that are approved by the State Council to promote innovation and high-tech industry development.