Longwan lauded for efforts to boost innovation

The Eye Valley in Longwan district, Wenzhou, Zhejiang province. [Photo/Wenzhou Daily]

Longwan district in Wenzhou, East China's Zhejiang province has once again been awarded the province's highest honor recognizing scientific and technological innovation, following its previous honor in 2022.

The key to this back-to-back success lies in the district's continued focus on platform construction, fostering innovation-driven entities, and implementing institutional reforms.

To date, Longwan has established 15 high-level innovation platforms, including Oujiang Lab and Wenzhou Institute of the University of Chinese Academy of Sciences, which have played a significant role in promoting innovation.

The Eye Valley, an eye health-related research institute and industrial platform built by Longwan government and the Eye Hospital Affiliated to Wenzhou Medical University, has attracted 193 registered companies, established 32 joint research institutes, and formed partnerships with 56 multinational corporations and listed companies.

The district also places emphasis on fostering enterprises' independent innovation capabilities. In 2022, 117 high-tech enterprises and 351 provincial-level small and medium-sized technology enterprises registered in Longwan.

Longwan has also carried out reforms to unleash more innovation potential. In May of this year, the first "investment first and equity later" insurance agreement was signed in the district. "Investment first and equity later" means funds will be first provided by local government to a project in its early stages and transformed into equities when the project turns a profit.

Longwan ranked 8th in Zhejiang in 2022 in terms of innovation, maintaining its position in the top 10 for the fourth consecutive year. Wenzhou High-tech Zone's national ranking has risen to 68th, the sixth year in a row that its ranking has increased and putting it in the top 40 percent for the first time.