The Hefei Development and Reform Commission and the Hefei Finance Bureau recently issued policies to support the construction of the nascent University of Science and Technology (USTC) of China Silicon Valley – located in Hefei city, capital of East China's Anhui province.

A view of the Hefei National High-tech Industry Development Zone. [Photo provided to chinadaily.com.cn]

The Hefei National High-tech Industry Development Zone is the core area of the USTC Silicon Valley and USTC is seen as the major source of sci-tech innovation in the city.

The policies involve 22 policy initiatives to boost the innovation of institutional mechanisms and attract global innovation resources. They aim to provide a first-class policy environment for innovation, entrepreneurship and young people – and to cater to the realistic needs of innovation and entrepreneurship.

The package of policies includes 27 rules in six areas – including linking global innovation resources, establishing a new R&D model and innovating a mechanism for transforming scientific and technological achievements. They also involve encouraging sci-tech entrepreneurship, gathering innovative and entrepreneurial talent and innovating an investment and financing model.

Some of the provisions aim to achieve the very best in China in terms of linking resources, by recruiting global partners and establishing an operations mode of "team + fund + subdivision unit".

The policies are also said to offer support to various entities in terms of funds, business spaces, rewards, investments and financing incentives.

The policies aim to support USTC teachers and alumni to start businesses and incubate their sci-tech achievements in USTC's surrounding area.

They also aim to attract more talent to become tech entrepreneurs and to innovate the Hefei National High-tech Industry Development Zone.