Startups offered fertile business ground

Zhongguancun Science Park, a technology hub in Beijing, has become an attractive center for startup companies, as it realized transition from a science and technology center to a comprehensive innovation hub, according to a government official.

Guo Hong, director of the administrative committee of the Zhongguancun Science Park, said: "The key to the development model for Zhongguancun is to build and keep optimizing an ecosystem for innovation and entrepreneurship, which includes leading companies in their own sectors, universities and colleges, high-end talent, as well as angel investment and startup financing."

With the deepening of reforms, he said the administrative committee found that policy hurdles preventing innovation-driven economic growth exist not only in the science and technology sector but also in terms of certain economic and social regulations that hinder innovation.