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Jiaxing has set up special funds worth 210 million yuan ($30.34 million) to support scientific and technological innovation, according to the local municipal bureau of finance.

Through the special funds, the European and American Biotechnology Industry Park, a private public technology service platform, is undergoing upgrading.

"As a private incubator, we only have rental income and it's hard for us to upgrade the outdated facilities," said Fu Yaqin, deputy general manager of the industry park, adding that the special funds gave them enough financial support to improve its infrastructure.

Financial support has not only helped the industry park further upgrade the hardware and software environment, but also has helped it attract high-quality companies with favorable policies, added Fu.

Statistics showed that eight innovative companies started operations in the industry park this year. Supported by the special funds, European and American Biotechnology Industry Park has become a hub of innovation and entrepreneurship in Jiaxing.

In 2019, the park was recognized as a national incubator. It has incubated 80 companies, obtained 118 intellectual property rights, and introduced 96 high-profile professionals to date.

The high-quality development of the European and American Biotechnology Industry Park epitomes the results from Jiaxing's financial support to incubators and the city's efforts to create a sci-tech innovation environment.

To date, Jiaxing has offered 26.71 million yuan worth of financial support to major scientific and technological projects, research and development of key generic technologies, as well as the development of new products with independent intellectual property rights.

Jiaxing sets up special funds worth 210 million yuan ($30.34 million) to support scientific and technological innovation. [Photo/WeChat account: jxfabu]