Tax benefits to fuel innovation, growth

Zhongguancun Science Park, China's answer to Silicon Valley, implemented four policies on Sept 29 to encourage high-tech innovation in the private sector.

The new policies will give a tax cut of up to 15 percent to key companies in the creative industry, said the park's administrative committee.

The park will also reduce the personal income tax on investors in high-tech research and development. The move is intended to further boost the venture capital sector, which in turn will aid more tech startups, according to the committee.