Innovation drives growth in Shenzhen

As China's economy transitions, Shenzhen looks forward to the fruits of innovation.

Shenzhen party chief Ma Xingrui told media on Saturday that the city will further upgrade its innovation to a higher level.

"Innovation should be driven by companies and the successful transition of companies is essential to the overall economic transition," he said.

He added the government should help support companies' innovation. Nanshan iPark is an example of infrastructure supporting innovation.

The park is located at the northern edge of Shenzhen special zone, which used to be the site of small villages before 2007.

The government transformed three of these villages into an industrial park with 11 modern office buildings for innovative high-tech startups and companies with rental rates of only about 56 yuan per square meter per month.

So far, the park has nurtured 103 high-tech companies, including the famous robotics manufacturer UBTECH Robotics Corp whose robots performed a dance at the CCTV spring festival gala.

The park's annual value in 2015 reached 24.1 billion yuan and achieved a tax roll of 1.02 billion yuan.