According to the 8^th plenary session of the 10^th Guangzhou Municipal Committee of the CPC, Guangzhou has realized stable growth under the new normal in 2015 and the regional GDP is expected to hit RMB1.81 trillion, up 8.4% on a year-on-year basis. The city has successfully realized the objectives stipulated in the 12^th Five-Year Plan. Relying on innovation, Guangzhou saw an annual growth of RMB100 billion in the regional GDP in the 12^th Five-Year Plan period. This year, Guangzhou will make good use of the pilot free trade zone and the national independent innovation demonstration zone, and comprehensively implement the three-year action plan for the innovation reform experiment, promote the scientific and technological innovation, industrial organization innovation, product innovation, business mode innovation and entrepreneurship innovation to build an international scientific and technological innovation hub.

 

In recent years, Guangzhou has centered on the innovation-driven development strategy, worked hard to give play to the “multiplier effect” of innovation, and built the innovation resource concentration platforms…. With such efforts, Guangzhou has enjoyed a new situation of innovation and entrepreneurship: the Pearl River Delta National Independent Innovation Demonstration Area with Guangzhou Hi-tech Industrial Development Zone as core was approved as the core area of the comprehensive innovation reform experiment zone; the fiscal technology funds and technology enterprise incubator doubling plan was implemented, resulting in rapid growth of the high-tech enterprises. In 2015, Guangzhou saw 34 newly established technology enterprise incubators, 110 enterprises newly listed at the New Third Board, and 44.4% and 37.7% growth of the number of the granted invention patents and applications and official establishment of Guangzhou Intellectual Property Trading Center.

 

2016 is the first year of 13th Five-year plan and a series of deployments and plans are rolling out to accelerate construction of an international scientific and technological innovation hub.

 

With regard to integrating and optimizing the innovation spaces, emphasis will be put on construction of the technological innovation corridor, promoting connection among Guangzhou Hi-tech Industrial Development Zone, Sino-Singapore (Guangzhou) Knowledge City, Science City and Pazhou Internet Innovation Cluster, and concentrating global high quality innovation resources. On fostering and increasing the innovation players, the three-year action plan will be implemented for fostering the technological innovation giants and high-tech enterprises. Efforts will be made to form a pyramid-shaped innovation enterprise structure with co-existence of the startup businesses, high-growth enterprises and leading enterprises and develop a number of innovation clusters with strong endogenous embeddedness.

 

At the same time, efforts will be made to promote comprehensive integration of science and technology and finance, establish the governmental risk compensation and sharing mechanism for technological loans, improve the startup investment guiding system, and attempt to establish the seed funds and startup funds to encourage the technology enterprises to the capital market. With regard to optimizing the innovation ecosystem, the government will increase support on the fiscal funds, market access, financing and land use. “To lure the innovation and startup forces and form a new situation with numerous technology SMEs and promising technology giant enterprises,” said Ren Xuefeng, secretary of the CPC Guangzhou Municipal Committee.

 

Source: Translated from Invest Guangzhou, Jan. 26, 2016