Chongqing's Western Science City sets new policies on talents, innovation, industry and finance

Western (Chongqing) Science City released "Golden Phoenix" policies - a slew of new measures focusing on talents, innovation, industry and finance - in an effort to spur growth, according to a news conference held in Chongqing Hi-Tech Industrial Development Zone on March 5.

The new policies aimed at developing the City into a major science hub that has an impact on technological innovation at national and provincial level by actively pooling resources targeted to reignite drivers of growth, enhance the performance of hi-tech industries, and streamline government services in human resources, technological innovation and financial support.

Among these measures, ten related to human resources encouraged companies to make efforts to attract high-skilled workers to the City and contribute to the development of four leading sectors including information technology, advanced manufacturing, healthcare and hi-tech service. This would create an enabling environment where industries and talents reinforcing each other, making the city a talent magnet with global competitiveness.

Ten measures related to innovation put greater emphasis on ramping up spending on research and development, supporting market entities, building science facilities, and promoting application of technological achievements, in a bid to upgrade innovation chains, and create an environment fostering new drivers of growth, as the City took steps to surmount challenges such as building R&D facilities, incubating tech firms, making breakthrough in key technologies, and promoting their application.

Ten policies concerning industry set to support the development of industrial chains in the areas of the four prioritized sectors, encourage industries to grow in collaboration with each other. By addressing slacking growth momentum in industries, encouraging upgrade of traditional industries and growth of emerging industries, the Science City hoped to build a highly-competitive industrial cluster.

Ten policies related to finance were designated to invigorate the sector through supporting registration and acquiring of licenses of financial firms, aiding their growth and sharing of risks, with an emphasis on financial innovation. Building on financial technology and integration of industry, innovation, investment and policy support, these measures aimed at making greater efforts in aiding the growth of major sectors and tech firms, enticing a greater number of financial firms to operate from the City and developing a fin-tech cluster.

Chongqing Hi-tech Development Zone pledged to fully implement these policy measures and ensure firms and individuals' access to these policy supports, providing a solid foundation to accelerate the Western Science City's shift to a leading science and innovation hub in the nation.