Zhongguancun Fengtai Science Park officially released a collection of "Measures to support the development of cutting-edge industries and technological innovation" (hereinafter referred to as "innovation 12") on Jan 4.

According to the Management Committee of Fengtai Science Park, the park is a concentration of scientific innovation in Fengtai District. The introduction of "innovation 12" helps to solve the difficulties faced by enterprises entering the park, further optimize the business environment and build its high-tech industrial system.

In so doing, it can support energetic new talent and the upgrading of regional high-quality development. The committee says that the new policy not only encourages large enterprises, but also high-tech growth companies.

For high-tech companies, R&D investment is fundamental to ensuring their core competitiveness. "Innovation 12" specifically offers support for research and development spending, innovation platforms, intellectual property rights and the standardization of demonstration projects.

To support technological enterprises in carrying out R&D activities, enterprises with R&D expenditures of over 1 million yuan and a growth rate of more than 20 percent will be given a subsidy that accounts for twenty percent of their new R&D spending. This policy is also an extension of the subsidy policy for small and micro-sized enterprises issued by the Zhongguancun Management Committee.

"Innovation 12" stipulates that science and technology platforms obtaining funds with their frontier projects and innovation platforms will receive 30 percent counterpart funds.

These provisions are intended to create a sound innovation and entrepreneurship system by supporting the establishment of financial, talent, technology, intellectual property and other service organizations.

According to the authorities, it is estimated that 250 million yuan will be used to support enterprises in the park and up to 40 percent of enterprises in the park will benefit from the policy.