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October 29, 2020

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More support for Delta entrepreneurs

By Rich Zhu | 00:00 UTC+8 October 29, 2020 | Print Edition

China will promote entrepreneurship support and collaboration in the Yangtze River Delta region, with special “coupons” for startups, sharing of research resources and building an integrated innovation community, the ongoing Pujiang Innovation Forum heard yesterday.

The Delta region, covering Shanghai and three neighboring provinces, has become a highland of China’s tech innovation with regards to the number of incubation bases, research resources, the number of initial public offerings on the STAR Market and job creation, said Torch High Technology Industry Development Center, which is under the Ministry of Science and Technology.

The number of incubation bases in the Delta region accounts for about 30 percent of the national level. It has 30,000 professional research devices, many in various shared platforms in the region to improve research efficiency and cut costs, officials told the forum.

Of the 188 listed firms on the STAR Market, 90 are based in the region, with 38 from Jiangsu Province, 31 from Shanghai, 15 from Zhejiang Province and 6 from Anhui Province.

The region should focus on strategic research such as integrated circuits, biomedicine and artificial intelligence to achieve breakthroughs as soon as possible. It should take measures to support startups and small- and medium-sized enterprises, which bring sufficient vitality to innovate the ecosystem.

Shanghai should focus more on innovation targeting international markets, Duan Junhu, vice chairman of the Torch center, told the forum.

Shanghai will offer startups and qualified firms special “coupons” for registration, operation and research, up to 500,000 yuan (US$73,530) for each firm. The coupons are available to all firms in the Delta region, it was learned from several booths at the forum.

A blueprint document to support the innovation and incubation community in the Yangtze River Delta was also published yesterday.

China’s high-tech and startup firms created 4.5 million jobs nationwide in 2019, including many graduates, the report said.

The innovation and entrepreneurship has created many new kinds of jobs this year when the novel coronavirus pandemic hit traditional retail and manufacturing industries, analysts said.

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