A massive scheme is currently being laid out to develop modern service industries in Zhongguancun – the technology hub situated in northwestern Beijing often referred to as “China’s Silicon Valley.” Following the central government’s promise to inject some RMB1.5 billion into the area’s modern service sectors within the next three to five years, Beijing’s local government recently announced the key service sectors that will likely enjoy the use of the government funds.
According to the “Management of the Pilot Supportive Fund for Modern Service Development in Zhongguancun National Independent Innovation Demonstration Zone (NIIDZ) (jingcaijingyi  No.2352)” issued by the Finance Bureau of Beijing on November 2, the supportive fund – consisting of both the central government fund and Beijing’s matching local government fund – will mainly be utilized in the following service sectors:
All the Zhongguancun NIIDZ-registered enterprises – if engaging in any of the aforementioned service sectors – can consider applying for the use of the supportive fund. The government’s actual financial support will likely go to various projects through different avenues:
As China’s first-ever experimental area for modern service development, Zhongguancun will likely attract an increasing number of technology-intensive service companies which desire to benefit from the region’s cluster effect. According to a report by the China High-tech Industries Herald, within the next five years, eight modern service industrial bases – specializing in areas of IT, integrated circuit, digital culture, biology, engineering, e-commerce and new energy respectively – will begin to take shape and regional modern service revenue is projected to reach RMB2.4 trillion by 2015.
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