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China's "Silicon Valley" Attracts High-tech Firms with Preferential Policy
Beijing will simplify procedures and lower the "threshold" for high-tech enterprises that hope to set foot in the capital city's Zhongguancun Science and Technology Park, known as China's "silicon valley."
Vice-Mayor Liu Zhihua said in Beijing Wednesday that registered capital for setting up high-tech companies in the park will be as low as 30,000 yuan, much lower than the 100,000 yuan to 500,000 yuan stipulated previously.
To encourage more overseas companies to set up high-tech enterprises in the park, a series of preferential policies has been mapped out, allowing overseas companies to register as home enterprises even if their investment is below 25 percent of the total registered capital of the enterprise. This is in sharp contrast to the original policy that overseas enterprises are not permitted to register if their investment is below that figure. Zhongguancun has 66,000 enterprises. More than 1,000 involve overseas investment.
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