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New bases to promote innovation
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CHINA will boost mass entrepreneurship and innovation by building 92 more demonstration bases, the State Council announced yesterday.
The government decided to support more demonstration bases as the first group of 28 such bases have played an important role in industrial upgrading and innovation, the State Council said.
The second group of 92 bases will include 45 regional bases such as Shunyi District in Beijing; 26 university and research institute bases such as Peking University; and 21 corporate bases such as the Aviation Industry Corp of China.
The bases will enjoy policy breaks on market expansion, intellectual property protection, finance and taxation. Local authorities should build a sound policy environment to promote entrepreneurship and innovation, the State Council said.
They should streamline administrative approvals, delegate power to lower levels, and encourage professional approval services in the demonstration zones, according to the State Council.
China announced the building of the first group of demonstration bases in May 2016.
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