A view of Zhongguancun, including Zhongguancun street and plaza. (File Photo)
Beijing’s technology hub Zhongguancun issued China’s first policy document on Nov. 16, introducing a series of supporting measures to encourage disruptive technology innovations, The Beijing News reported on Friday.
Disruptive technology innovations indicate major breakthroughs in technologies and updated products or services based on the theoretical breakthroughs. Moreover, such innovations also require the new products to create a market worth over ten billion yuan ($1.4 billion), and to bring great improvement to people’s lives and changes to related industries.
The document states that a mechanism runs throughout the year to deal with domestic or overseas applications and recommendations via various channels. Some non-unanimous projects featuring the leading edge of technological development can also be sponsored with the approval of only a few specialists, another highlight of the policy.
Furthermore, Zhongguancun will increase financial support to disruptive innovation projects phase by phase within five years, with the largest amount of 100 million yuan (about $14.4 million) for each project.
Now, Zhongguancun is organizing an expert committee, and the project solicitation work is scheduled to start in January 2019.
