Innovative startups become driving force behind Binhai New Area

Innovative startup companies have become a new driving force for Binhai New Area's growth, according to an official of the new area in Tianjin as it celebrates its 10th anniversary.

"We have attracted a lot of incubators invested by private companies that have brought along a large number of innovative startup companies, some of which have become highly successful," said Zhang Yong, director of the Binhai New Area.

Instead of setting up a government-led incubator in the area, the Binhai government has given the floor to private companies to launch their own incubators, or mass innovation space as they are called in the area. So far, there are 15 such private incubators that have been or are about to be set up in the area. They are owned by large technology companies such as Tencent Holdings Ltd, Alibaba Group Holding Ltd and Baidu Inc.