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Shenzhen's environment for innovation and entrepreneurship is the most favorable among mainland cities, excluding the four municipalities, according to an annual survey published last month.
The rating was based on eight indicators - government support, industry development, talent environment, research and development environment, financial support, intermediary services, market environment, and popularity in innovation. Shenzhen came out top in three aspects in 2014, according to the survey, but it did not say which specific areas it led in.
The poll was conducted by Tsinghua University's TusPark Research Institute for Innovation. One hundred mainland cities, excluding the municipalities of Beijing, Shanghai, Tianjin and Chongqing, were covered. According to its findings, the environment for innovation and entrepreneurship was more favorable in cities in the eastern region, compared with those in the central or western parts of the country.
Six of the top 10 cities were from the southern and eastern regions - Shenzhen, Guangzhou, Nanjing, Suzhou, Hangzhou and Qing-dao. Guangzhou was ranked second, followed by Nanjing.
Chengdu and Xi'an were the only two western region cities to make it to the top 10.
"Construction of high-tech enterprise cluster areas is speeding up. Investment and expenses in innovation among companies have been growing," a research report by the institute says. "Against the backdrop of the Internet and big data, innovation is becoming something conducted by the general public."
"However, at the same time, a series of problems are impeding innovation. For example, insufficient capital for technological development, lack of talents and protection of intellectual property rights," the report points out.
Dubbed "China's Silicon Valley," Shenzhen has been stepping up efforts to promote innovation and entrepreneurship. The government has set up a special 200-million-yuan ($31.5-million) fund to facilitate the development of entrepreneurship, with the aim of creating a further 30,000 makers, 50 maker spaces and 10 services platforms for makers each year.
The city government has raised the maximum amount for loans for budding entrepreneurs to 200,000 yuan from 100,000 yuan.
"Shenzhen is a young, open and inclusive city. Many aspiring entrepreneurs gather here, hoping to realize their dreams," said 29-year-old entrepreneur Yu Jing, who is developing a service robot with his four-member team.
"I do not need to spend a lot of time and energy rushing out to find partners and capital, as the entrepreneurial environment here is sound. I can find partners or get acquainted with investors easily by attending activities. Besides, the government offers various kinds of support for us," he said.
Many young Hong Kong entrepreneurs have been attracted to Shenzhen, among them, Peter Choi Chi-man.
The 33-year-old currently runs Palapple (Hong Kong) Ltd, which specializes in providing IT solutions for corporations and organizations in Shenzhen's Qianhai special economic zone."By operating a business in Shenzhen, I'm able to get access to the vast mainland market," he said.