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China to build first innovation demo zone in Z-Park

Published: 23 Mar 2009 00:59:49 PST

Mar. 23, 2009 (China Knowledge) - Beijing's Zhongguancun Science Park (Z-Park) will be home to a China's first national independent innovation demonstration zone, announced Chinese Minister of Science and Technology, Wan Gang, on Mar. 20, following the State Council's decision to approve the project.

The national-level innovation demonstration zone, the first of its kind in China, will benefit from many preferential policies, such as stock option incentives, financial support and access to major national technology projects, according to a document issued by the State Council.

Beijing aims to develop the Z-Park into a scientific and technological innovation center with worldwide influence within 10 years.

During its 20 years of development, Z-Park has seen the number of its hi-tech enterprises increase from 500 to more than 20,000. Its revenue climbed from RMB 1.4 billion to over RMB 1 trillion, and now accounts for around 17% of the GDP of Beijing Municipality.

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