The southern Chinese city of Shenzhen has been approved to be developed into a national independent innovation demonstration zone, local authorities announced Friday.
Four years after Shenzhen began applying for the status, the State Council, China's cabinet, approved Shenzhen as the fourth national independent innovation demonstration zone, following Zhongguancun Science Park in Beijing, Donghu New Technology Development Zone in Wuhan, and Zhangjiang Hi-tech Zone in Shanghai, according to sources with the Shenzhen Municipal Government.
Shenzhen will be the first such innovation zone to be built on a city-wide scale, it said.
The national independent innovation demonstration zone in Shenzhen will cover 397 square km, including ten administrative districts and new districts in the city.
The new innovation zone will enjoy government support in taxation, research and development financing and other fields.