High-tech science park gets big boost

China's People Daily
May 9, 2011

Zhongguancun may be hailed as China's most famous village by foreigners. Dubbed as "China's Silicon Valley", the country's biggest high-tech park in west Beijing is not only home to Chinese high-tech companies such as Lenovo, Baidu and Sohu.com, it is also the China headquarters of world-renowned technology companies such as Google, Microsoft and Intel.

As part of China's efforts to build an innovative economy, the State Council, China's Cabinet, recently approved a development plan called the Zhongguancun National Innovation Demonstration Zone (2011-2020) that allows companies in the area to try out new measures and pilot projects.

The plan, which includes a drive to boost the total revenues of companies in Zhongguancun to 10 trillion yuan ($1.8 trillion) in 2020 from 1.55 trillion yuan last year, is designed to help the area become one of the world's most famous technology hubs. The predicted income increase will come from increased sales on the back of tax incentives for companies moving there and research and development subsidies.

To read more click here...