12 April 2016
Three New National Innovation Demonstration Zones Given Green Light
Three national independent innovation demonstration zones in Henan, Shandong and Liaoning will be newly set up along with the existing 11 zones across China.
The decision was made in a State Council executive meeting chaired by Premier Li Keqiang on 30 March.
The new zones of Henan (Zhengzhou, Luoyang, Xinxiang), Shandong Peninsula and Liaoning (Shenyang, Dalian), which have mostly formed high-end equipment manufacturing, electronic information, new materials, new energy and bio-medicine industrial clusters, are set to play a leading role in the regional economy. Further, they are expected to bring benefits to the listed companies in the respective zones.
It was also decided in the meeting to transform Shanghai into a comprehensive science centre within three years through the implementation of the systematic innovation reform. China will carry out feasibility studies in Generalised System of Preferences Duty which aim to encourage entrepreneurship, start pilots in financial services model innovation including combined debt-equity investments, equity exchange, new industries technology research and development organisation and simplification of foreign venture and investment management. The meeting also decided to implement and improve the equity incentive and income distribution policies, as well as mobilising the enthusiasm of scientific and technical personnel. Second, tertiary and research institutes are given greater autonomy and local collaborative innovation is encouraged. Third, a "double innovation" platform will be built to improve service innovation and speed up the turning of innovations into practical productive forces. Fourth, effective use of administration and more power delegation will be employed to deepen reforms in commercial system and consolidation of regulations.