Zhongguancun Technology Park in Beijing, China's Silicon Valley, in a bid to lure talent has promised millions of yuan to influential, established integrated circuit (IC) companies, the park committee said Tuesday.
One leading IC company, or companies, which move to Zhongguancun's IC park could be in line to receive 100 million yuan (about 15.4 million U.S. dollars), announced IC park board chairman Miao Jun.
The company, or companies, must be a major contributor to the integrated circuit industry and have international influence, he said. The park has not decided how the funding will be allocated, he added.
Upon completion in early 2018, the IC park will have 16 buildings offering 220,000 square meters of space. It is designed to accommodate 150 companies and could facilitate annual production capacity of 30 billion yuan, Miao said.
Haidian district government, where Zhongguancun is located, has promised 14 more supportive policies for the IC industry, which is considered a strategic sector in China.
The government will fund innovation and R&D, said Meng Jingwei, deputy head of Haidian district government.
Companies are eligible to receive a maximum 3 million yuan grant for R&D, he added.
