Xixian New Area to foster high-tech growth

Xixian New Area, the only national development zone in Shaanxi province, will foster favorable policies and a welcoming business environment for high-tech companies and university research centers, an official from the area's government said at a news conference on Thursday.

The area, set up in 2014, spans the province's Xi'an and Xianyang cities.

The area plans to introduce and foster 2,000 technology enterprises by 2023. A development fund for innovation will reach 10 billion yuan ($1.55 billion) by that time, said Zhao Xiao, deputy director of the area's management committee.

He also shared several key moves of the area during the conference held in Beijing.

"The area will become an incubator for cutting-edge products and a cluster of enterprises and research centers," he said.

In recent years, industries related to artificial intelligence and new energy have received massive support from the area's government, he said.

In 2014, the State Council approved the establishment of the area as an innovative engine fueling West China's economic growth. It also aims to serve as a finance and trading hub along the Silk Road Economic Belt.

Wang Luxi contributed to this story.