Shaanxi innovation area looking to expand

A national self-dependent innovation demonstration area being built at Xi'an High-tech Industrial Development Zone is aiming for an annual operating income of 5,000 billion yuan ($773 billion) by 2025, it was announced on Wednesday.

The demonstration area, in Shaanxi province, was approved by the State Council on Sept 9, 2015, alongside other areas under construction in Beijing, Wuhan, Shanghai, Shenzhen, Jiangsu, Tianjin, Hunan, Chengdu and Hangzhou-Xiaoshan.

According to the development zone's action plan, incentives will be provided to promote prosperity, entrepreneurial talent and venture capital while building more than 35 State-level incubators in order to further promote widespread entrepreneurship and innovation.

While aiming to introduce at least 200 of the world's top 500 enterprises, the demonstration area will focus on emerging industries such as the next generation of information technology and advanced equipment manufacturing.

Total import and export value is expected to reach $100 billion by 2025.

Last year, the zone speeded up its innovation and entrepreneurship development and achieved 1,270 billion yuan of annual operating income, third among China's 146 high-tech zones.

In addition, the total number of enterprises in the zone surpassed 40,000, ranking second among its peers.

On Wednesday, the administrative committee of Xi'an High-tech Industrial Development Zone split a 38.95 million yuan reward among 104 companies for their contribution to the zone's development last year.