On Nov 16, the Zhongguancun Management Committee issued two documents: Measures on further supporting the financing of science and technology enterprises in the Zhongguancun Science Park ("Measures"), and Guidance of the Zhongguancun Science Park on Supporting Game-changing Technological Innovation ("Guidance") at a media conference.

The media conference on policies supporting the development of private economy opens on Nov 16. [Photo provided to chinadaily.com.cn]

Measures is aimed at solving the problem of capital mobility for private enterprises, and Guidance is directed at supporting enterprises in original innovation. It is also worth mentioning that Guidance is the first official document setting out a policy of encouraging game-changing technological innovation.

Highlights of the two policies

Guidance provides a set of supporting measures to promote original innovation and cutting-edge technologies, with government playing a guiding role in the market-oriented business landscape. The final innovation results will rely on the selection, recognition and testing of the market, and the extent social capital and other resources will participate to inject new energy into the development of private economy.

Wen Qiwen, deputy director of the Zhongguancun Management Committee, presides over the news briefing. [Photo provided to chinadaily.com.cn]

Guidance suggests four major innovations:

• establish a wide range of channels to collect projects
• explore non-consensus project review methods
• adopt a phased supporting mode, and
• provide a new regulatory mechanism based on the project commissioner system

Liu Hang, deputy inspector of the Zhongguancun Management Committee, issues Guidance. [Photo provided to chinadaily.com.cn]

There are eight supporting methods for game-changing technologies in Guidance, including financial support, industrial connection, market connection, and also market investment, financing and publicity services.

Projects that have achieved major breakthroughs and entered the stage of transformation or industrialization will be given up to 30 million yuan of financial support each year up to a total of 100 million yuan.

From the second year or the third year, the science and technology fund or venture capital investment will be introduced to form a joint supporting mechanism between the government and the social fund.

Wang Rufang, deputy director of the Zhongguancun Management Committee, issues Measures. [Photo provided to chinadaily.com.cn]

The collection of game-changing technology projects is scheduled to be officially launched in early 2019. By that time, the notice will be issued on the official website of the Zhongguancun Management Committee and its WeChat public account.