On Friday, the State Council released new guidelines for improving national high-tech industry development zones.
Some context: First rolled out in 1988, national high-tech zones offer tax and other incentives to companies in high-tech industries.
More context: There are currently nearly 170 national high-tech zones across China.
The goals of the new policy:
- Foster a number of internationally competitive companies and industrial clusters by 2025.
- Establish a large number of internationally influential high-tech zones whose industries are at the high end of global value chains by 2035.