The State Council, China’s cabinet, has elevated 12 high-tech zones to national high-tech development zone status.
National-level high-tech zones concentrate high-tech industries in regional clusters and are popular investment destinations.
In addition to concentrating high-tech infrastructure and talent, national-level zones benefit from special government incentives, such as lower tax rates.
The new national high-tech zones are as follow:
Lucy Liu, Assistant Manager of Business Advisory Services at Dezan Shira & Associates’ Shenzhen office, noted that national-level high-tech parks are often magnets for investment. Liu explained, “High-tech parks are special because they are more focused on technology companies. High-tech parks have certain resources to help them apply for perks offered by the government and lower operational costs, and they may have incubator spaces or provide incubator services within the park itself.”
The development of high-tech zones is an important component of the Made in China 2025 industrial policy, which seeks to transform China into a leading innovator and high-tech manufacturer.
Zolzaya Erdenebileg, Senior Associate of Business Intelligence at Dezan Shira & Associates in Shanghai, said, “The new zones demonstrate the continued implementation of the government’s plans to become a global leader in science and technology by opening up more infrastructure and support for high-tech industries.”
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