Beijing's high-tech hub boosted by favorable policies

World
Europe

02:38

In the early 1980s, China's State Council approved the establishment of a new technology development pilot zone named Zhongguancun, the Chinese version of Silicon Valley. Now, about 40 years later, it has grown from being an "electronics street" to a national independent innovation zone.

The world's leading LED screen producer, Leyard, took only 20 years to transform from a small private company into a large corporation. Nowadays, it makes up 14 percent of the global LED screen market.

The founder and president of Leyard Optoelectronic, Li Jun, said, "During these 20 years, boosting growth through innovation was the most important lesson we learned. One of the biggest takeaways for us was to fuel our growth by developing new technologies and creating better incentive mechanisms."

A foldable LED screen developed by Leyard Optoelectronic was on display in Beijing in 2009. The same technology was adopted at the 2008 Beijing Olympic Games’ opening ceremony (as seen in the upper right corner). /VCG Photo

Zhai Lixin, the director and deputy secretary of Zhongguancun Science Park Administrative Committee, indicated that reform and innovation have played vital roles in the area's development.

China is touting new incentives to try and attract foreign talent. Several policies were launched in Zhongguancun to stimulate the development of talent and build the zone into a talent hot spot. The government has offered preferential policies to entice international talent, like providing permanent residence permits and visa-support services.

Li said that hiring foreign talent is good for the company's growth and that thanks to some recently proposed policies, it's easier to attract them.

"Leyard has hired over 700 employees from overseas. The China Securities Regulatory Commission recently proposed that foreign employees can hold shares in companies, and once this proposal gets approved, it will bring huge benefits to our foreign employees and motivate them."

China’s reform and opening-up policy is a beacon of hope for many companies. Without favorable government policies, mass entrepreneurship and innovation, it would be very difficult for companies to sustain their growth.

(Top image: Staff members in Leyard’s workshop /CGTN Photo)