Xinjiang sets up fund to promote high-tech industry

Northwest China's Xinjiang Uygur autonomous region has set up a special fund of 100 million yuan (about $15.8 million) for the development of high-tech enterprises this year.

The move aims to further cultivate and strengthen high-tech enterprises in Xinjiang, as well as their innovation capacity, according to the regional finance department.

The special fund will award high-tech enterprises and contribute to their research and development (R&D) expenses, said Zhu Jie, deputy director of the regional department, adding the fund will help stimulate the innovation drive of enterprises and promote the high-quality development of Xinjiang.

There are 58 listed companies on the main boards in Xinjiang, of which 13, or 22.4 percent, are high-tech enterprises.

"Compared with other provinces and municipalities in China, Xinjiang has fewer high-tech enterprises, less investment in research, fewer R&D personnel, and not enough supporting and incentive policies," said Zhu.

Xinjiang Huier Agriculture Group Co., Ltd. is among the beneficiaries of the special fund. Established in 2005, the company provides smart agricultural services for about 66,700 hectares of farmland across Xinjiang.