China Further Innovation Tender

The State Council recently released a circular calling for further efforts to step up innovation and opening-up in national economic and technological development zones in a bid to boost their international competitiveness and work for high-quality development. The development of national economic and technological development zones should stick to innovation and opening-up prioritize high-quality output and remain market-oriented the circular said.A slew of approaches will be taken to beef up the open economy quality of the development zones including diversifying ways of utilizing foreign investment and introducing multinational enterprises regional headquarters research and development centers and finance departments. Improving the quality of foreign trades and supporting qualified development zones to establish comprehensive bonded areas also are among the plans. The national economic and technological development zones will be given more autonomy in the reforms such as delegating power improving regulations and upgrading services. They will simplify the procedures for the approval of investment projects and related registration management in accordance with laws and regulations.In the meantime they also will optimize organizations setting and management mechanisms improve the performance incentive mechanism and underpin the pilot projects related to free trade zones. The circular stressed the establishment of a modern industrial system as well which narrows down to a string of approaches including strengthening the coordination in stepping up setting industrial layouts cultivating advanced manufacturing clusters upgrading the modern service sector speeding up the progress of eco-friendly projects and propelling the development of the digital economy which highlights encouraging all investors to establish digital infrastructures in qualified national development zones.