Chinese Innovation Zones for Boosting Economic Growth

Chinese-Innovation-Zones-for-Boosting-Economic-Growth.jpgChina plans to enact a long-term plan to boost innovationforeign investments and economic growth. The government wishes to work with eight selected regions (for now considered pilot zones) that will act as innovation hubs. Investment remains one of the most efficient ways for the country to record economic growth. The experts at our Chinese law firm can help you invest if you are a foreign entrepreneur. 

Innovation and growth: the test of the eight Chinese regions

The Chinese State Council has been working on a mechanism that would help the country record more economic growth. The solution the officials have come up with is to allow eight regions to present their proposals for innovation in the near future. 
The regions have been given the task to describe an efficient long-term plan for promoting innovation, at the same time allowing for fair competition among Chinese companies and investors and giving support for scientific achievement and financial innovation. All of the regions are allowed to perform various trials and/or experiments during 2016 to see which method is most efficient. Successful plans will be duplicated and promoted throughout the country.
The provinces included in the innovation reform include the Guangdong province in southeast China, Shanghai which already is an important business hub and the Beijing-Tianjin-Hebei cluster.

The importance of investment in China 

China aims to rethink its strategy for boosting economic growth. Officials have been paying more attention to promoting human skills and technology as well as giving more credit to productivity and investing more in necessary resources. Although these strategies are excellent in long-term, investments remain the most important fuel for the economy in the short term.
The Chinese government has taken measures to promote investments in the country and they have proved to be successful: during the first eight months of 2015 investments in infrastructure grew by 18.4 percent.
If you would like to invest in China and are looking for opportunities for investments, you can contact our law firm in China.