The Yangquan High-tech Industrial Development Zone in Yangquan city, North China's Shanxi province, has been accelerating the development of a corporate-led innovation system this year. 

The zone has provided fast, efficient, and all-round services as much as possible for various innovative entities such as technology-based enterprises, innovation platforms, and research and development institutions.

Currently, it has 85 high-tech enterprises, 108 technology-based small and medium-sized enterprises (SMEs), and 23 enterprises with a high level of specialization, strong innovation ability and development potential. The number of high-tech enterprises and technology-based SMEs comprises over 60 percent of the total in the city. 

The zone has implemented an enterprise innovation credit system to discover and attract innovative enterprises with strong research and development capabilities, great growth potential, and key technologies. 

Currently, more than 80 enterprises have been included in the credit system. They will receive priority recommendations to undertake national, provincial, and municipal key science and technology research and development projects, and they will be given key support in innovation research and development investment, enterprise expansion, and commercializing their achievements. 

In collaboration with financial institutions, the zone has created financial products for technology enterprises based on their innovation credits. It has recommended high-scoring technology enterprises to investment institutions and the capital market, guided social organizations to provide credit support to them, and improved the success rate of financing for tech SMEs in general. 

The zone has also introduced first-class innovation platforms such as the CCID Thinktank, Baidu Innovation Center, and Intelligent Equipment Research Institute of Tsinghua University. 

Meanwhile, it has promoted the construction of innovation platforms and public platforms for key industries such as the digital economy, new energy batteries, and pumps and valves, to commercialize more achievements in the field of tech. 

It has built two national-level technology enterprise incubators, two nationally-registered mass entrepreneurship and innovation spaces, and six provincial-level innovation and entrepreneurship platforms, attracting more than 600 technology-based enterprises to settle in the zone. 

Furthermore, it has established the first district-level financial service center in the province, set up four industry funds totaling 600 million yuan ($82.48 million), and is preparing for a 2-billion-yuan fund of funds to create a new financial service system combining a financial services center, financing guarantees, and industry funds.