China’s 7,500 incubators have witnessed the birth of over 220,000 small and medium-sized enterprises over the past decade, which makes the nation a promising land for innovation compared to any other countries, China Radio International said on March 30, citing German D-group.
In the article translated as “Dear Founder: do not go to the Valley to start a business. Go to China!”, the German media outlet wrote that China has become the center of start-up companies, entrepreneurial accelerators and business incubators. Of the 232 large unicorn companies, startups valued at over $1 billion, 62 are from China, while Germany has only 4.
The Chinese government increasingly values the image of an innovative country since 2013 with the goal to become an “innovation nation” by 2020. In October 2017, a report at the 19th National Congress of the Communist Party of China stressed that innovation was the primary driving force behind development. The country has set the goal to become an international leader in innovation by 2030, and a world powerhouse in scientific and technological innovation by 2050.
Twitter user TrendSlam commented that research revealed UK lagged behind China and US in terms of innovation. The results were published as part of KPMG’s 2018 Global Technology Innovation Report.
Cities like Hangzhou in East China’s Zhejiang province have specific projects that fund start-up companies, providing entrepreneurs with venues, funding, and consulting services. Hangzhou is also one of the key fintech centers in China.
Marc Lussy, Senior Advisor at a Zurich based fintech incubator F10, tweeted that he was “visiting Hangzhou Innovation Town. They have a strong focus on fintech. Hangzhou wants to become the center of fintech in China. Note they call it innovation town, not park.”