Chengdu Hi-tech Zone to take lead in innovative development

Chengdu High-Tech Zone, known as one of China's best, has begun construction as the first national innovation demonstration zone in western China, after gaining State Council approval in June.

The new development for the next decade aims to reach an annual GDP of 1.5 trillion yuan ($235.7 billion), gather together 20,000 technical companies, and build three to five new industrial clusters each with an annual output of 100 billion yuan by 2025, taking a lead in the high-end industries and acting as a magnet for the development of the western region.

Wan Gang, minister of Science and Technology of China, said the approval of Chengdu as a national innovation demonstration zone provides Sichuan province with new development opportunities.

He encouraged Sichuan province to take the chance to cultivate a group of innovative enterprises with global influence, and offer good examples and fresh experience for the development of western China.

Founded in 1988 as one of the country's earliest, the zone has attracted more than 1,000 foreign companies, of which 104 are Fortune Global 500 ones. Multinationals including Intel, TI, Dell, Phillips and Siemens have all set up manufacturing bases there. Last year, it ranked third among national high-tech zones for innovation, according to the Ministry of Science and Technology.