Zhangjiagang in East China's Jiangsu province cultivates 415 high-tech enterprises in the first half of this year, a rise of 73 percent year-on-year. [Photo/VCG]

The port city of Zhangjiagang in East China's Jiangsu province has leveraged its advantages to promote advancement of scientific and technological innovation, according to a news report on July 29.

Statistics show that the city cultivated 415 high-tech enterprises in the first half of this year, a rise of 73 percent year-on-year. Meanwhile, 420 small and medium-sized tech companies were approved, an increase of 43 percent year-on-year. Three national maker spaces were also set up in the city and 15 international sci-tech cooperation projects were carried out.

In recent years, the city has explored new ways of upgrading its working mechanisms and innovation platforms in a bid to boost its technological innovation capabilities. For example, a three-year action plan was released last year to offer guidelines to the city's innovative development.

According to statistics, 99 percent of the city's large and medium-scale companies and high-tech firms above a designated size have set up research and development (R&D) institutions, and more than 92 percent of the city's patent applications and authorizations were from enterprises.

Additionally, a key innovative platform was established to encourage leading enterprises to set up R&D institutions in Zhangjiagang. The city has also made great efforts to promote the establishment of 12 R&D institutions related to its key industrial fields such as metallurgy, textile, new materials and new energy.

To cater to banks offering financing to high-tech companies, Zhangjiagang has introduced six financing institutions and set up a pool of funds. As of the end of June, 18 enterprises have received loans of 46.43 million yuan ($6.67 million) from five banks.