Guangzhou saw robust growth of high-tech firms last year, spurred by heavy investment during a national innovation drive. With the rapid expansion of innovative enterprises, Guangzhou has upgraded its industrial pattern and worked on developing its competitive industries.
In 2016, 2,823 high-tech companies began doing business in Guangzhou, leading to faster growth than in any other sub-provincial city in China. The net increment ranked second only to Beijing. Among these newly added high-tech firms, 203 were listed on the New Three Board (NTB) (which serves a national system for transferring shares and raising funds for small and medium sized enterprises), ranking first among all the provincial capitals. The average net assets of the newly listed enterprises ranked highest among the first-tier cities, and 73 high-tech business incubators were added up 61 percent over 2015.
Guangzhou issued bonds of scientific and technological innovation for the first time last year to medium, small and micro-sized enterprises to support the development of high-tech firms. In addition, Guangzhou government invested 1.2 billion RMB as subsidies for research and development of the enterprises. The most recent statistics show that 2,100 enterprises above the municipal level have established research and development institutes, among which 755 are industrial enterprises above the designated size, representing 16 percent of the total enterprises. NTB enterprises raised 4.926 billion RMB, up nearly 200 percent over 2015, providing strong financial support for the development of high-tech firms. Guangzhou also put forth an effort to improve its incubation system of high-tech enterprises, adding 73 high-tech business incubators, 21 of which have achieved national level status.
By 2016, 103 collaborative innovation alliances of industry-university-research cooperation were developed, generating 47 billion RMB on major business revenue last year. New high-tech products valued at 30 billion RMB were produced in 2016, 25 scientific findings were converted into results 1,438, patents were applied, and 647 patents were authorized. To support the development of strategic emerging industries, the system of key laboratories was improved, with 357 key laboratories established.
Boosted by the innovation-driven model, Guangzhou is forming a hierarchical and cluster-type industrial pattern backed by leading and key enterprises in the fields of bio-pharmaceutical medicare, environmental protection, biological energy sources, bio-manufacturing and bio-technology.
(By John Wu, Annie Li, Louis Berney)