Innovation key to unlock potential

Zhangjiang National Innovation Demonstration Zone in Shanghai has been optimizing its innovation and entrepreneurship systems to realize more businesses innovation potential.

The zone has made great efforts to improve soft support for businesses' long-term development goals over the past few years.

It strongly pushed makerspaces and incubator projects' development so businesses can get professional support in the most efficient and effective manner.

Preferential policies and financial support have been provided to 118 business incubators and more than 220 makerspaces in the zone, according to zone authorities.

Apart from supporting development of professional makerspaces for key industries and businesses, the zone also encourages makerspaces to pay more attention to brand building.

Xinze Venture Capital Investment has become the first technology business incubator operator to be listed on the National Equities Exchange and Quotations in China.

The zone comprises 22 industrial parks and 124 sub-parks that are taking a leading role in policy innovations. Eleven training programs have been launched to give businesses more knowledge about the latest policies, such as taxation and anti-monopoly policies. Consulting services were also provided to companies in need of financial support from the zone in the 13th Five-Year Plan (2016-20) period.

The zone has long been committed to developing a fair business environment. It partnered with the National Development and Reform Commission to establish the Shanghai Zhangjiang Competition and Anti-Monopoly Research and Consulting Center in 2016. The center not only provides support, such as training and consulting services, to businesses in the zone, but also helps government departments to collect data and information to help them gain a better understanding of the market.

A strong intellectual property service system has become a main factor in attracting high-technology enterprises to the zone. A total of 15 intellectual property rights service platforms have been established to provide all necessary support to businesses.

In 2015, the zone partnered with the State Intellectual Property Office to launch the Patent Search and Service Center (Zhangjiang), the first of its kind in national-level development zones. A national-level patent big data center has been launched in the zone.

The zone is making a name for itself with its outstanding public service system among businesses. Eight public service platforms have been built to meet businesses' and talents' demand.

Looking ahead, the zone will push the technology finance industry's development so small technological companies can obtain financial support easier.

Decision-makers of the zone will strengthen cooperation with finance institutions and use modern technologies such as big data and artificial intelligence to develop the zone into a highland in the technology finance industry.

Industrial parks in the zone are encouraged to develop financial intermediation services, such as accounting and auditing, asset valuation and legal consulting, to help the zone develop a complete financial information service system.

The zone will support construction of professional incubators for internet-based finance, mobile internet and cultural and creative businesses.

The area strives to strengthen businesses' creditability systems. It will put forward measures to help companies build and improve creditability aiming to help companies solve financing problems from the start.

Diversified technology finance products and service systems have been established in the zone so technology businesses can make choices based on their real needs.

The zone has been expanding financing channels for small and medium-sized enterprises over the past few years. Subsidies were provided to businesses that debuted on capital markets and bond markets.

(China Daily European Weekly 07/07/2017 page27)