Zhongguancun explores supply-front new economics

The Second Mass Entrepreneurship and Innovation Week was launched on Oct 12 in Zhongguancun, a major high-tech zone in Beijing.

Zhao Hong, vice president of the Faculty of Social Science, spoke at the launching ceremony, saying that Zhongguancun is the cradle as well as an experimental laboratory for supply-front new economics.

Zhongguancun has sought to enlist government departments, including the State Administration of Food and Drugs and the State Administration of Industry and Commerce, in support of its enterprises.

Pilot practices such as establishing the Marketing Authorization Holder (MAH) system and business registration reforms will provide policy guarantees for biological pharmaceutical enterprises and the development of Internet services.

In addition, some interrelated policy initiatives including the senior talents immigration policy and Zhongguancun innovation debt issuance, have spurred a cross-border flow of talent and capital.