Zhongguancun Fengtai Science Park released "twelve Innovation policies" recently, announcing that it will grant 250 million yuan ($37.41 million) to support technology enterprises in their research and development.

The "twelve innovation policies" is short term for "Policies and Measures Adopted by Zhongguancun Fengtai Science Park to Support Cutting-edge Hi-tech Industries and Technological Innovations".

These polices specifies that support will be provided for large-scale enterprises, enterprises with outstanding contributions, technology companies, technological innovation service platforms, the protection and standardization of intellectual property rights, research and development institutions, entrepreneurial service organizations, registration of technology contracts, the settlement of listed entities in the park, the establishment of innovation guidance funds, companies' independent innovations and formulating targeted policies for different types of enterprises.

Among them, promoting the investment in research and development of enterprises, the construction of innovation platforms, and the protection and standardization of intellectual property rights have been highlighted as the key measures.

The twelve policies will bring tangible benefits to enterprises in Fengtai park. For instance, in the aspect of supporting technology innovation service platforms, platforms winning Zhongguancun’s leading-edge projects and innovation platform funds will receive 30 percent of counterpart financial support.

To support the involvement of technology companies in research and development, enterprises with research and development expenditures of over (including) one million yuan and a growth rate of more than (including) 20 percent will receive a subsidy of 30 percent of their newly-added R&D expenditures. The policy is an extension of the subsidy policies for SMEs of Zhongguancun Administrative Committee.

"'Twelve innovation polices' strengthens the support for technology and fast-growing enterprises. More than 1,000 enterprises are expected to benefit from this policy, accounting for about 40 percent of the park's total," one official of Fengtai Science Park noted.