Major business and innovation zone supports Sino-EU trade growth

Chengdu's ambitions of becoming a major draw - for international business streaming in to relocate there - were given a substantial boost with a new center, which has already attracted investment estimated at about 3 billion yuan ($459 million).

The Business & Innovation Center for China-Europe Cooperation, or CCEC, began operations in May.

The center is serving as a platform for the western part of China to cooperate with Europe in trade, investment and technology.

European Union ambassadors to China and representatives of the Chinese government witnessed the launch of the project in the Chengdu High-Tech Industrial Development Zone. The CCEC aims to boost exchanges and international cooperation under the framework of the Belt and Road Initiative.

More than 10 European institutes, including the European Research and Innovation Center of Excellence in China and the Enterprise Europe Network West China, have shown interest in establishing branch offices in the center.

The CCEC features an exhibition center for European products and trade, an exchange center for technology, an incubation center for small and medium-sized enterprises, an opera theater and an art gallery.

The Chengdu High-Tech Industrial Development Zone has released supportive policies to attract government organizations, businesses and staff from Europe and countries along the Belt and Road to the center. The zone promised to provide free office space in the first three years, operating subsidies, one-time renovation subsidies and financial support for projects.

For Fortune 500-listed enterprises, top international universities as well as leading research institutions, the zone will provide up to 2,000 square meters of office space for free in the first three years as well as one-time renovation subsidies up to 4 million yuan, and one-time start-up subsidies of up to 5 million yuan.

For participating Nobel Prize winners, leading foreign experts from top research institutions or top companies, the zone will provide up to 1,000 sq m of office space for free in the first three years. For those projects, the zone will provide subsidies up to 100 million yuan.

The center has been chosen as the permanent venue to hold the EU-China Business and Technology Cooperation Fair. The fair, held in Chengdu High-Tech Industrial Development Zone for 11 consecutive years, has become an important platform for European businesses seeking cooperation opportunities in China.

The 12th EU-China Business and Technology Cooperation Fair will take place in Chengdu in October.

- Li You