China | China's State Council creates 3 innovation zones for tech, economic growth

China’s State Council creates 3 innovation zones for tech, economic growth

March 30, 2016 1:21 PM (UTC+8)

 

China’s State Council said Wednesday that it will set up three new “national innovation demonstration zones” to foster economic and technological growth, reported Xinhua, China’s state news agency.

The new zones, which will bring the number of such areas to 14, will open in the provinces of Henan, Shandong and Liaoning, according to a statement issued after a State Council meeting chaired by Premier Li Keqiang.

The new zones, which are expected to create and develop new ideas and development models for China’s economic restructuring and transformation, join Beijing’s Zhongguancun, known as “China’s Silicon Valley,” and Shanghai’s Zhangjiang high tech zone.

Shanghai Pudong financial district
Shanghai Pudong financial district

In China’s financial hub of Shanghai, the State Council will test innovative reforms over the next three years, including exploring new financial service models and simplifying foreign investment rules.

To boost employment and sustain growth, the Chinese government has stressed the role of innovation and entrepreneurship in its 13th five-year plan, said Xinhua. A wide range of measures has been unveiled, including financial support, facility construction and administrative assistance, for start-ups.

The State Council added it will reduce government intervention in order to create an favorable environment for business start-ups and innovation.

At Wednesday’s meeting, the council also decided to foster city clusters centered near Chengdu and Chongqing to stimulate economic potential in western regions.

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