Raft of innovative pilot policies improve investment, incentive models

The Zhangjiang National Innovation Demonstration Zone has launched a new pilot program for equity and dividend incentives, as well as scientific research achievement disposal and benefit rights reforms and tax cuts.

Eight banks have also signed an agreement with the Zhangjiang administration to start a pilot venture loan service.

They will cooperate to develop innovative financing models by creating mechanisms to integrate investment, loans and insurance.

As one of China's first pilot areas for the drug marketing authorization holder mechanism, Zhangjiang now has six companies with eight products involved in the mechanism.

The administration is also promoting other cross-border research and development projects, such as new pharmaceuticals.

Inspection and quarantine reforms have been promoted to 28 local companies, with the time of administrative approval reduced by 75 percent and the period of validity of licenses extended from three months to a year.

All the policies are part of the zone's efforts to build "small government, big service".

The zone in Shanghai has launched a series of pilot administrative policies to facilitate innovation and entrepreneurship, optimize the industrial structure in the demonstration zone and improve the business climate.

The Shanghai government and the State Administration of Foreign Experts Affairs have signed an agreement to build Zhangjiang into a pilot zone for international professionals, and the administration is implementing 21 innovative policies in the zone to attract international professionals.

The exit and entry service has become more convenient, and 10 policies were introduced by the Ministry of Public Security in December to help Shanghai build a scientific innovation center. These grant the Zhangjiang administration the authority of qualification, recommendation and certification for the spouses and children of top overseas professionals working in Zhangjiang when they apply for permanent residence in China, and for overseas students when they look for jobs and apply for residence after graduation.

Based on those policies, the local authorities have now proposed 25 additional reforms aimed at supporting innovation and entrepreneurship.

(China Daily 12/07/2017 page18)