SIP recently released Measures to Support High-Tech Businesses and Technology Innovation for a Faster Development toward a World-Class High-Tech Industrial Park, a directive issued to boost a more prosperous development of the local high-tech industry.

The new measures suggest enhanced incentives for enterprises with outstanding performance in business operation and innovation.

"The reward for enterprises with substantial growth for three straight years may reach up to RMB 10 million," said Xu Jiming, deputy director of SIP Science and Technology and Information Bureau.

According to Xu, SIP has reshuffled the supporting policies this time, retaining and extending those well received by the local enterprises and abandoning those with little effect.

On the other hand, the new measures are expected to drive the formation of an ecosystem that is capable of supporting a good development of high-tech businesses at all stages of their growth. For example, one of the measures is designed to give rewards to bio-medicine companies that finish all their operations concerning new drug registration, industrialization and clinical trials in SIP.

In addition, the measures encourage local enterprises to seek global development, such as applying for overseas patents, recruiting international talents and establishing overseas research, innovation and business startup bases.

SIP believes these measures will enable it to move faster toward a world top-class cluster of high-tech resources.