Hefei National High-tech Industry Development Zone in East China's Anhui province was honored as an excellent unit for implementing the Enterprise Innovation Point System on April 7.

The award was given by the Ministry of Science and Technology's Torch High Technology Industry Development Center at a conference held in Dalian, Liaoning province.

Lyu Bo, deputy director of the management committee in Hefei high-tech zone, delivers a speech on April 7 in Dalian. [Photo/WeChat ID: hefeigaoxinfabu]

The Enterprise Innovation Point System is expected to integrate finance and tax policies, science and technology, educational resources, industrial resources and financial resources, and stimulate the innovative vitality of companies based on quantitative evaluation.

Hefei high-tech zone was one of the first test units for implementing the system in December, 2020. After the policy became official, Hefei high-tech zone set nearly 100 indicators to reach these goals, cultivated resident enterprises and launched special debt financial products for them.

As a result, the zone gave rise to five unicorn enterprises – a term referring to recently established business valued at more than one billion dollars – and provided 3.18 billion yuan ($461.18 million) of debt financial for resident companies.

In addition, the favorable policies were sent to nearly 100,000 SMEs and high-growth enterprises and have been viewed over 600,000 times.