Innovation Benefits For China’s Academic Bodies
With China currently facing a bit of an economic slump relative to the growth it had previously enjoyed, it is offering increased financial incentives for academics and small research bodies to help increase innovation in science and convert them into products with financial fruition.
In a move which favors universities and research bodies, China’s State Council has stated that when these institutions transfer work to outside companies for production and/or marketing developments, they should receive at least 50% of the net profit which occurs due to the innovative research they have performed.
As the slump in China’s growth can partly be attributed to a reduction in exports and manufacturing, China is hoping these incentives will breathe new life into the research and development which leads to new and exciting products which can be mass produced and distributed worldwide.
China is also looking to increase innovation by introducing new pilot zones which offer preferential tax options for innovative businesses, among other financial measures which help to support universities and research bodies.
Imran Hussain, Reporter
February 18, 2016
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