A file photo shows an aerial view of Nantong Economic and Technological Development Area. [Photo/ntjoy.com]

Nantong Economic and Technological Development Area (NETDA) will work hard to drive innovation at private companies based in the area, according to Qiang Qiang, director of NETDA’s administrative committee.

NETDA aims to develop four new industrial clusters, which are expected to generate annual income of more than 10 billion yuan ($1.49 billion) by 2020. In addition, the number of private R&D facilities in the city is expected to exceed 215, with the number of listed private companies reaching five.

A series of new incentives is set to be offered to draw private firms to the area, including in the areas of taxation, finance, and intellectual property.

The area will also streamline administration procedures, promote infrastructure construction and facilitate communication between companies, banks and research institutes, in a bid to create a more business-friendly environment.

The private sector has become a major pillar of economic development in NETDA, forming a wide range of industries such as electronic information, equipment manufacturing, and textile manufacturing.

At present, the area is home to 513 private companies above the designated size –– with annual income exceeding 20 million yuan. Among them, 140 companies report earnings of more than 100 million yuan each year and nine earn over 1 billion yuan.