Raft of new policies encourage comprehensive growth throughout companies

Published on 03/05 2019  Source: China Daily

The management committee of Chengdu's Tianfu New Area issued 10 policies to support companies settling down on the area's "unicorn island". These are part of the efforts to build Tianfu into a new growth engine with global influence and a role model of opening-up to inland China.

The island is home to a group of unicorn and unicorn-to-be companies, referring to startups less than 10 years old, but with a market value higher than $1 billion and a market value higher than $100 million respectively.

On the island, unicorn and unicorn-to-be companies with investment can receive a one-off reward of 2 million yuan ($298,548) and 1 million yuan respectively. Those handling core technological research, business model innovation and internationalized resource allocation in artificial intelligence, smart chips, cloud computing, quantum calculation, intelligent robots, big data, blockchain and the internet of things will be awarded an extra 1 million yuan each.

The committee encourages the companies to increase their research and development. This applies especially to those making key technological breakthroughs. A patent database is planned to accelerate the industrialization of scientific achievements.

More efforts will be made to promote cooperation between the new area and prestigious universities from home and abroad, and to support transnational corporations, international organizations and research institutes to set up branches on the island.

The committee also plans to innovate the use of government funds in science and technology. This includes purchasing high-tech services for the island companies and promoting their products in government departments and offices there.

It also helps the island companies expand their overseas markets and encourages them to set up branches in countries and regions involved in the Belt and Road Initiative.

The new area plans to establish a special fund to help raise the profile of its companies. For companies attending famous Chinese and foreign exhibitions and fairs, it will provide each with up to 500,000 yuan in subsidies per year.

Financial institutions will be supported to develop more products using intellectual property rights, supply chains and stakes as collateral. Diverse policies will be drawn up to help the companies hire employees, including the world's top-class professionals and teams.

The committee will strengthen intellectual property rights protection and establish an IP operating service platform. It will provide companies with worldwide IP protection, trade and transfer services.

It also encourages companies, universities and research institutes to build shared labs and technology service platforms, and calls for sharing of data resources, including the government data relating to business, education, environment and medical treatment.

More convenient and efficient government services, covering sectors such as social security, civil affairs, industrial and commercial affairs and taxation, will be provided to the companies via the internet and artificially intelligent technologies. A global innovation communication platform will be established to promote cooperative development of unicorn companies in research, training and marketing.(Source: China Daily)