Zhejiang to establish new national innovation demonstration area

The high-tech industrial development zones in Ningbo and Wenzhou, Zhejiang province recently received State Council approval to become a national innovation demonstration area, according to a notification on the State Council's official website. It is the second of its kind in the East China province, the other being located in Hangzhou.

The new demonstration area is expected to take full advantage of the two cities' favorable geography, private economies and open structures. It will serve as an experiment for innovative policies and create a favorable environment for innovative work and startups. The State Council hopes to further build the two zones into a haven for private economy, structural reform, opening up, and industrial development.

Specifically, the area will explore ways of streamlining administrative procedures, creating new working mechanisms, attracting more investment, combining science and finance, protecting intellectual property, cultivating professionals, and promoting regional cooperation.

The area will enjoy the benefits of favorable national policies for national independent innovation demonstration areas. Also, it will receive coordinated guidance from an inter-ministerial central government team.

The Ningbo National Hi-Tech Industrial Development Zone in Ningbo, Zhejiang province has helped spur the city's innovation-driven development. [Photo/nbhtz.gov.cn]