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China's Silicon Valley to set up national innovation zone

(Xinhua)
Updated: 2009-03-20 15:14

The State Council has reached a decision to back the building of a national independent innovation demonstration zone in the Zhongguancun Science Park (Z-Park) in Beijing, said Minister of Science and Technology Wan Gang Friday.

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Some Chinese people like to call the Z-Park "China's Silicon Valley".

A series of policies will be adopted to support construction of the zone, the first national level independent innovation demonstration zone in China, according to the decision of the State Council, revealed at a meeting of the Beijing municipal government.

Wan said the move aims to boost innovation of the Z-Park to a higher level to make it a scientific and technological innovation center with worldwide influence.

Preferential policies include stock option incentives, financial support and access to major national technology projects, according to a State Council document.

Z-Park, which began as the "Electronics Street" in the early 1980s, was officially established as the first national science park in 1988. There are nearly 20,000 hi-tech enterprises in the park.