Germany's D-Group published an article named "Dear Founder: do not look to the Valley, but to China!" on March 28. It stated that China has become the center of start-up companies, entrepreneurial accelerators and business incubators. About 7,500 business incubators in China have "produced" about 220,000 SMEs. Of the 232 large unicorn companies worldwide, 62 are from China, while Germany has only 4. The Chinese government increasingly values the image of an innovative country. Cities like Hangzhou have specific projects that fund start-up companies, providing entrepreneurs with venues, funding, and consulting services.
In October 2017, a report at the 19th National Congress of the Communist Party of China stressed that innovation was the primary driving force behind development.
China has set the aim of becoming an "innovation nation" by 2020, an international leader in innovation by 2030, and a world powerhouse in scientific and technological innovation by 2050.
Twitter user TrendSlam@trend_slam commented on March 29, saying research revealed UK lagged behind China and US in terms of innovation. The results were published as part of KPMG's 2018 Global Technology Innovation Report.
Furthermore, China is leading the world in terms of fintech technology, and Hangzhou is one of the key fintech centers in China.
Twitter user Marc Lussy@MarcLussy said he was "visiting Hangzhou Innovation Town. They have a strong focus on fintech. Hangzhou wants to become the center of fintech in China. Note they call it innovation TOWN, not park."