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Xinhua Silk Road
Policy

China to push ahead dev. of innovation-oriented enterprises

May 27, 2019


Abstract : China will introduce a host of policies to boost the development of innovation-oriented enterprises, in order to improve the country's strength in technological innovation, according to information form a routine press conference of the State Council held on May 24.

BEIJING, May 27 (Xinhua) -- China will introduce a host of policies to boost the development of innovation-oriented enterprises, in order to improve the country's strength in technological innovation, according to information from a routine press conference of the State Council held on May 24.

Specific measures will include strengthening the implementation of policies including fiscal and tax policies aiming at encouraging enterprises to innovate, guiding financial institutions to increase support for enterprises' input in innovation, and pushing up related work involving science and technology credit and insurance, science and technology innovation board, etc.

Wang Zhijun, Vice Minister of Industry and Information Technology, noted at the conference that China still lags behind developed countries in R&D input, technology supply and related mechanisms to boost innovation by enterprises.

Measures such as increasing related fiscal and financial guidance and support, pushing ahead enterprises' technological innovation and result transformation, and enhancing support in R&D of small- and medium-sized enterprises focusing on science and technology, will also be carried out, said Yang Xianwu, Deputy Director-General with Department of Research Commercialization and Regional Innovation at China's Ministry of Science and Technology.

Besides, efforts have also been made at local levels to cultivate and develop innovation-oriented enterprises, with emphasis putting on firms engaging in artificial intelligence (AI) and integrated circuit (IC), in a bid to forge a batch of industrial clusters.

For example, south China's Shenzhen issued incentive policies targeting IC companies, announcing that if such a company's revenue exceeds 100 million yuan for the first time, then it can receive one million-yuan bonus.

East China's Shandong Province proposed to carry out ten projects centering on smart chips, software and other core technology products. (Edited by Gu Shanshan)

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Keyword: China innovation enterprises

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