Chengdu, a center of science and technology in western China, is planning to build itself into a world-class innovation and entrepreneurship center.

Last month saw the city host the annual Chengdu Global Innovation and Entrepreneurship Fair, an international platform that brings together innovation and entrepreneurship resources and promotes the exchange and transaction of innovative ideas, technological achievements, equity investment and talent. The event is the latest sign that Chengdu is making strides toward realizing its aims.

More than 3,000 deals worth some 16 billion yuan ($2.41 billion) were signed at the fair, including 1,746 agreements valued at 6.17 billion yuan in technological achievements.

Arthur B. McDonald, co-winner of the Nobel Prize in Physics in 2015, said at the event that he had formed a very positive impression of the Chengdu. "I'm impressed by the city's history, culture and development plans. It is a good place for scientific research and attracts many international scientists," he said.

Philippe Mariani, CEO of the Sophia Antipolis Science and Technology Park in France, said this year's event was the biggest and best yet. "The city is thriving. The environment in Chengdu is very conducive to the creation of startups and companies (in general)," he said.

The city's development of innovation and entrepreneurship is backed by both the central and provincial governments.

Last September, the State Council chose eight regions, including Sichuan province, as pilot zones to carry out trials on innovation and reform.

Chengdu was designated to play the leading role in Sichuan's contribution to the construction of the pilot zones. The city will focus on building a regional innovation and entrepreneurship center with international influence.

In late April, Premier Li Keqiang paid a visit to the Chengdu Science City, Jingrong makers town and Sichuan University in Chengdu and praised the city's innovation and entrepreneurship development.

The Jingrong makers town is a successful example of industrial transformation that was achieved by turning empty factory dormitories into a space for entrepreneurs and startups.

The innovation parks in the town cover a total area of 400,000 square meters and have attracted 30 incubators, research labs from 13 universities and colleges, 1,098 startup projects, and more than 10,000 talents.

Chengdu also launched the Venture Tianfu Project last February, which aims to develop into a world-class innovation and entrepreneurship center by 2020.

The city held more than 160 Jingronghui activities, programs under the Venture Tianfu Project, last year, serving as an exchange and transaction platform for innovators, investors and entrepreneurs.

Some 400,000 people participated in the activities, and those who presented their new projects and ideas gained a total of 10 billion yuan in investment.

Chengdu announced on Feb 14 that it had adopted 10 new policies and would establish a fund of up to 2 billion yuan to help the city become the leading choice for talented professionals to develop new ideas or start businesses in western China.

Nobel Prize laureates who launch startups in Chengdu could claim financial aid of up to 50 million yuan, and as much as 100 million yuan could be granted to a research team.

To encourage domestic and foreign institutes of higher learning and research to turn the fruits of their scientific research into marketable products in the city, the Chengdu government implemented a new policy in June.

The policy supports institutes of higher learning and research in Chengdu conducting mixed ownership of their scientific research achievements, enabling professors and researchers to profit from their achievements by giving them shares of the intellectual property and financial rewards.

The policy will ensure that a 1 billion yuan fund is established to encourage domestic and overseas institutes of higher learning to set up institutes to research new industries and technology in Chengdu. Each new research institute will be eligible to receive subsidies of up to 50 million yuan from the fund.

Contact the writers at liyu@chinadaily.com.cn and pengchao@chinadaily.com.cn

(China Daily 07/23/2016 page25)