Guangzhou's Huangpu district tallied 48,522 newly settled enterprises in the first 10 months of this year, due to its amiable environment for scientific and technological R&D, entrepreneurship and innovation, as well as talents.
Starting 2021, the district will reserve at least 2.5 billion yuan ($380 million) in fiscal funds to support major science and technology projects. Local enterprises are encouraged to increase their R&D expenditure with financial support and preferential tax policies from the government.
The pre-tax deduction of R&D expenses for high-tech enterprises totaled 34 billion yuan from 2016 to 2019, while the preferential income tax exemption amount reached 6.7 billion yuan.
In the first half of this year, Huangpu has earmarked 1.54 billion yuan in science and technology support funds, benefiting 1,108 enterprises. It is expected that the R&D expenditure in Huangpu will account for more than 6 percent of the local GDP by 2025.
The district's entrepreneurship and innovation atmosphere has become increasingly strong through a series of brand events, such as the China High-Tech Industrialization Summit and the Guangzhou International Biological Forum, which have bolstered exchanges between enterprises, scientific research institutes, as well as investment agencies.
In addition, the district is now home to the largest and most active incubator cluster in South China, which boasts 14 national incubators for science and technology enterprises, as well as 11 national maker spaces. A complete incubation chain integrating maker spaces, incubators, accelerators, and industrial parks has taken shape.
An aerial shot of a local accelerator for science and technology enterprises.
Relying on its incentive talent policies, as well as its attractive scientific and technological carriers, Huangpu has attracted more than 1,000 high-caliber talents, of whom 71 are academicians of the Chinese Academy of Sciences and the Chinese Academy of Engineering.