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Z-park fostering innovation

By Xie Chuanjiao (China Daily)
Updated: 2009-03-21 10:01

Zhongguancun Science Park in Beijing's Haidian district on Friday became the first State-level demonstration zone for independent innovation construction.

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The park, China's largest hi-tech incubator, has got supportive policies ranging from stock options to financial reform for the next 10 years.

According to a statement issued by State Council, scientific and technological pilot projects will be carried out in the universities and colleges and research institutes within the park.

The park will also encourage banks to increase loan support for small- and medium-sized enterprises engaged in scientific and technological activities.

It will also support new industries participating in major national scientific and technological projects, especially in areas like electronics, biopharmaceuticals, aviation and space, new materials, clean energy, modern agriculture and pollution reduction.

The statement also said the Ministry of Science and Technology will set up a ministerial-level coordination team to formulate supportive policies and help solve problems.

"The move is to help the zone foster and attract innovative talent and also establish enterprises with global influence," it said.

"It would also propel the Zhongguancun zone as a worldwide scientific and technological innovation center by 2020," it added.

Beijing Party Secretary Liu Qi said the government would provide all the necessary support to make the park a leading center for independent innovation.

Zhongguancun Science Park, also know as Z-park and China's Silicon Valley, emerged from being an "electronics street" in the 1980s to a scientific and technology zone in 1988.

Its total income has increased nearly 700 times from 1.4 billion yuan in 1988 to 1 trillion yuan last year.

The region attracts half of the total amount of the foreign funds into the country, and nearly half of the Chinese enterprises listed on the NASDAQ.

Tsinghua University President Gu Binglin, said the new policies would motivate the creativity of teachers and professors as well as other scientific and research personnel and also stimulate scientific and technological transfer.

Lenovo Chairman Liu Chuanzhi said his company would take on some major national projects and also establish a top notch research institute.