Tianjin is stepping up efforts in developing technologies and innovation to nurture new powerhouses to boost the local economy.

Tianjin government has rolled out a series of supportive measures to promote technology and innovation, with efforts focused on the government-led Tianjin Binhai-Zhongguancun Technology Park, a technology-related business incubating platform in Tianjin Binhai New Area.

Measures include online administrative services that are more convenient than conventional ways for businesses, financial support for qualified companies and projects, and preferential policies in housing, medical care and many other aspects for companies' employees.

The Tianjin Binhai-Zhongguancun Technology Park also launched supportive measures for companies that locate in the park. During the novel coronavirus pandemic, the park has offered companies a waiver, cut or delay to pay for social insurance for their employees, a cut in their employee's medical insurance, instructions of business resumption through online platforms, and many other advantages.

From January to July this year, the park has attracted 297 companies with registered investment totaling 5.02 billion yuan ($723.35 million).

To date, the park has attracted over 1,700 companies that have registered or set up branches in the park, including industry leaders like online fundraising charity platform Qingsongchou and Huawei's smart city innovation center.