Science and technology was responsible for up to 56 percent of Nanyang's economic growth in 2017, according to statistics from the Nanyang Science and Technology Bureau.
High-tech industries were registered with an added value of 27.35 billion yuan ($3.75 billion) last year, accounting for 29.4 percent of the total industrial added value above designated size.
More than 40 projects were recognized with key status in 2017, while 21 innovation-oriented platforms at provincial level were also established throughout the year. Approximately 100 million yuan worth of funds were invested for innovation in the sector, up 16.1 percent year-on-year.
Local government awarded 50 million yuan worth of subsidies to the high-tech enterprises that had applied for loans. Meanwhile, banks and other financial institutions also offered more than two-billion-yuan worth of loans to support technical innovation.
Moreover, Nanyang also selected 500 new energy, new materials, advanced equipment manufacturing and photoelectricity projects to support. These projects have received great assistance in terms of policy and capital to help transform them into innovative entities.
The Henan CAS Scientific and Technological Achievements Transfer and Transformation Center designated more than 400 items to be of great scientific and technological value. These innovations included more efficient methods of clean coal production and dynamic systems for pure electric vehicles, which displayed competitive innovation capacity and diversity of Nanyang high-tech industries.