Chongqing- China is upholding innovation as the central role in its modernization drive while making itself a country of innovators, according to the government work report submitted to the national legislature on March 5th.

The Chongqing High-Tech Zone held a press conference on March 5th to officially release a range of lucrative incentives dubbed the "Golden Phoenix" policy, which has been formulated to assure the Western (Chongqing) Science City.

In order to formulate a policy that is more precise and scientific, relevant departments of the Chongqing High-tech Zone have learned extensively from the experience of multiple parties, taken full account of opinions and suggestions, and organized professional teams to carry out field research, which has culminated in the Golden Phoenix policy issued to promote the development of the Western (Chongqing) Science City.

Below are policy highlights of key fields detailed in the Golden Phoenix policy released by the Chongqing High-Tech Zone;

Key talent attraction

• 25% of real construction costs will support universities, scientific research institutes, and enterprises that establish market-oriented new research and development institutions at the municipal level, either jointly or independently.
• Rewards of 10 million yuan and 500,000 yuan available respectively to expert incubators that cultivate a leading enterprise or a high-tech enterprise above designated scale.
• 95% of proceeds earned from scientific and technological achievements will be apportioned to research and development staff and associated teams.
• 1:1 funding packages will be available for leading teams that undertake national-level key projects based on actual funds allocated by the state.
• International communities have planned that offer 150-240 square meter houses for top-end talent, while apartments of about 100 square meters will be assigned for regular talent on a rent-free, cost-price purchase, subsidized, or gifted basis.
• One-stop green channels will be opened for talented personnel, including health services such as medical insurance, physical examination, and recuperation. Government services will include dedicated personnel who can offer a complete charge d’affaires service on a single visit.

Xu Xiaoqiang, deputy secretary of the Party Working Committee of the Chongqing High-tech Zone, headed the Golden Phoenix policy's press release.

Improved capability for innovation 

• A one-time reward of up to 150,000 yuan will be given to technology enterprises that have developed well inside 3 fiscal years.
• One-time rewards discounted loans, and other support worth up to 1 million yuan per year will be made available to recognized high-tech enterprises.
• Rewards for newly certified ‘gazelle’ enterprises can benefit from discounted loans worth up to 1.8 million yuan per year.
• Newly recognized companies of a high caliber will be rewarded with discounted loans and purchase subsidies of up to 9 million yuan per year.

Xiao Qinghua, member of the Party Working Committee and deputy director of the Management Committee of Chongqing High-tech Zone, explains the Golden Phoenix policy's highlights.

Strong full chain support 

• 360-degree support of high-quality development will be achieved by focusing on the leading industries of new-generation information technology, advanced manufacturing, big health, and high-tech, where full-chain support will be available for fundamental research, technological innovation, and the transformation of results into industrial application.
• Incentives aimed at supporting integrated circuit design enterprises will outpace advanced regions such as Chengdu and Shenzhen.
• Rewards for services related to software and information, scientific and technological services, and cultural innovation in the digital field will lead nationwide in monetary value.

Lin Jinchao, member of the Party Working Committee and deputy director of the Management Committee of Chongqing High-tech Zone, answers questions from the press.

Financial policy

• Systems: Policy will cover the application of incentives for financial institutions, venture capital investment, stock market listings, financing and refinancing initiatives, and financial services.
• Services: Soft measures will optimize talent settlement, medical services, child education, and rewards for high-end talents in enterprises, while compensation for bank loan losses and venture capital risks will provide hard financial guarantees.
• Creativity: 5% prior investment rewards and up to 50% post risk compensation will be available to venture capital institutions wishing to invest in high-tech zone companies. There will be step-by-step rewards for the whole process of companies listing on the stock market. Listed companies raising funds for the first time in the capital market will be rewarded with refinancing to an upper limit of 10 million yuan, on par with developed regions in Eastern China.

Peng Yanqiu, a first-level researcher of the Finance Bureau of Chongqing High-tech Zone, answers the audience's questions.

Wide coverage, high relevancy and high value

During the live press conference held in the Chongqing High-Tech Zone, leading figures highlighted the Golden Phoenix policy's strong characteristics through a total of 40 measures in the four key fields.

According to realities on the ground, the policy is to be centered around development in the Western (Chongqing) Science City. It focuses on key development areas and important tasks and offers a full-cycle support system covering talent introduction, technological innovation, industrial development, and financial support.

Promotion of high-quality development and orientation led by demand is the pragmatic goals targeted in policy measures. These aim to resolve the key stumbling blocks of attracting high-end talent, breakthroughs in core technologies, improvements to industrial capabilities, and the stimulation of financial vitality.

Western (Chongqing) Science City has the ambitious target of becoming a coveted highland for science and technology worldwide. Therefore, key policy aims are enhancing competitive advantages, generous support and incentives, recognition for high-quality talent recruiters worldwide, and the endeavors of creating optimum policy advantages, a world-class business environment, powerful innovation, and the pooling of resources.

In the next step, the Chongqing High-tech Zone will strengthen policy implementation through measures such as building a comprehensive service cloud platform for industrial support, which will serve to ensure that policy benefits enterprise and people to the greatest extent.

In order to accelerate the construction and development of the Western (Chongqing) Science City, construction of a Science and Technology Innovation Center with national influence will be undertaken, while strong policy support will be provided to a Comprehensive Science Center, leading to regional innovation and development.