40 Years on Reform and Opening Up: Beijing high-tech hub in its development

World
Europe

02:52

In the early 1980s, China's State Council approved the establishment of a new technology development pilot zone in Zhongguancun. Almost 40 years later, it has gone from the original "Electronics Street" to a national independent innovation zone. Chuck Tinte has the details.

Leyard, the world's leading LED screen producer, took only 20 years to transform from a small private company into a large coorperation. It accounts for 14% of the world's LED screen market.

LI JUN, FOUNDER AND PRESIDENT LEYARD OPTOELECTRONIC "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 engineering new technologies and creating better incentives mechanisms."

Located in Haidian District, home to numerous universities and research institutions, Zhongguancun has gone from a simple "Electric Avenue" to the country's most important innovation center. The inventive culture and spirit of Zhongguancun now beat in many hearts.

ZHAI LIXIN, DIRECTOR AND DEPUTY SECRETARY ZHONGGUANCUN SCIENCE PARK ADMINISTRATIVE COMMITTEE "Reform and innovation have played vital roles in Zhongguancun's development. The whole process of developing and bringing technology to the market is an indication of the cutting edge creativity in technology, products and market models."

China is touting new incentives to try and attract foreign talent. Several policies were launched in Zhongguancun to stimulate talent vitality and build the zone into a talent port.

ZHAI LIXIN, DIRECTOR AND DEPUTY SECRETARY ZHONGGUANCUN SCIENCE PARK ADMINISTRATIVE COMMITTEE "Zhongguancun acts as a pilot field of new policies and continues to be the pioneer in talent introduction reform. For example, we have offered preferential policies to entice foreign talent, like providing permanent residence permits and visa-support services."

Zhongguancun is at the forefront of high and new technology industries, which has much to do with its introduction of new measures and policies. Leyard is one of the beneficiaries of such kinds of policies.

LI JUN, FOUNDER AND PRESIDENT LEYARD OPTOELECTRONIC "Hiring foreign talent is good for our growth. Leyard has hired over 700 employees from overseas. The China Securities Regulatory Commission recently proposed that foreign employees can hold shares in companies. Once this proposal has been approved, it will bring huge benefits to our foreign employees and increase their activeness."

The 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 growth. CGTN, Chuck Tin-te, BEIJING.