Encouraging enterprises to make innovations

Enterprises play a key role in innovations. Therefore, the province encourages them to take the lead in carrying out major scientific and technological projects, to improve cooperation with research institutes, colleges and universities, and to speed up the   application of innovative achievements.

Cooperation between enterprises and   universities can bring benefits to both sides. Shengrui Transmission Corporation Limited in Weifang invited six doctoral students from Beihang University to attend the development of the 8AT automatic gearbox. The students helped speed up the research and were paid by the company. 

Yantai University even joined hands with Yantai Taihai Group to set up a College of Nuclear Equipment and Nuclear Engineering in 2017. The College of Pharmacy, one of the most popular colleges in the university, was also set up by cooperating with Luye Pharma Group in 2000. 

Leading enterprises are crucial in making innovations. They can guide medium small and micro-sized enterprises on the industrial chain to cooperate for mutual   development. Therefore, Shandong encourages leading enterprises to undertake national scientific research plans and intends to recommend about 200   projects to them this year.

The authorities in charge of science and technology around the province will further promote preferential policies such as tax advantages and insurance subsidies for medium small and micro-sized high-tech enterprises. 

Incubators are another indispensable factor to boost innovation. Four professors from Canada recently chose Rongchang Pharmaceuticals Ltd to carry out their projects, as they had faith in the professional incubator jointly set up by Rongchang and the administrative committee of the Yantai Economic and Technological Development Area. The company employed academicians from China, Canada, the US and Germany to settle at the incubator as mentors for the entrepreneurs. "The leading experts can help entrepreneurs design experimental schemes and reduce the risk. We also set up a special fund to buy the project results," explained Wang Weidong, chairman of Rongchang.

To deal with the lack of venture money, the national comprehensive test area for new and old kinetic energy conversion has been granted priority for the   preferential tax credit for venture capital firms and angel investors, which is expected to attract more venture and angel investment to Shandong.

Cultivating high-end talented individuals

The province is also making efforts to release more efficient policies and improve the development environment to attract talented personnel from home and abroad to work in Shandong. According to the suggestions given by Fan Liming, principal of Shandong University, the province could lower the threshold for applications for the Taishan Scholar project and simplify the approval process for foreign experts to work and live in Shandong.

Local talented individuals also need to be stimulated to make more innovations. In 2017, a technological achievement of Qingdao University of Science and Technology gained 500 million yuan for transfer of research results and 80 percent of the money was given to the innovation   team.

This progress is thanks to the reform of   the innovation system that has taken place in recent years. In 2017, 24   provincial research institutes were granted greater autonomy in terms of   human resource management and income distribution. Shandong University of Technology, Qingdao University of Science and Technology, Shandong Agricultural University and Shandong University of Traditional Chinese Medicine were designated as the pilot sites for research management system reform.

Enterprises also tried to stimulate people's enthusiasm for making innovation. Shandong Oriental Ocean Sci-tech Co Ltd set up a special mechanism to train and reserve talents. The company pays the tuition for those employees who gain advanced diplomas. Those who obtain new certificates by self-study can expect improved salaries according to the nature   of the certificates.