Haidian district in Beijing has intensified efforts to build a sci-tech innovative demonstration base and seize the opportunity to boost its economic development, according to the third inspection by the State Council.
Despite facing downward pressures on the macro economy, Haidian district, as one of China’s first innovation demonstration bases, has seen booming growth in innovation and startups.
The GDP of Haidian in 2016 is expected to top 490 billion yuan, an annual growth of about 9 percent. In the last five years, the annual growth of high-tech enterprises’ total income has increased by 15.4 percent, accounting for 60 percent of the regional GDP.
Chinese enterprises are able to develop their original technology, instead of simply replicating foreign business models, said Yang Fan, co-founder of SenseTime, a high-tech company at Haidian district. The company has developed globe-leading technologies in facial and text recognition, and cooperated with industry giants such as UnionPay and Huawei.
Technology and innovation have been successfully turned into economic dynamics and growth momentum in Haidian. Official data shows that in five years, the total value of technical contracts signed in the region reached 663.5 billion yuan, and the annual growth rate of authorized patents increased by 18.5 percent. Also, the number of newly established national high-tech enterprises surpassed 2,000, with the total exceeding 6,100.
To achieve such results, the government of Haidian district has continued to carry out administrative reform, including streamlining administration, delegating power and strengthening regulation to lower institutional costs and create a favorable environment for pushing forward the spirit of mass entrepreneurship and innovation, such as gathering more international elites and talented personnel.
Now, Zhongguancun street in Haidian district has been upgraded and transformed into a sci-tech innovative hub that house over 400 business incubators, which help startups by providing services such as management training and financial support.
In addition, for the first three quarters of 2016, Haidian district led the growth rate of total investment volume in Beijing, and it has become a booster for the future development of innovation and investment in the Beijing-Tianjin-Hebei region.