Quzhou: attractive to digital tech firms

ZTE CLAATEK Co announces that its IoT subsidiary will come to Quzhou at the China LoRa IoT International Summit on Nov 30. [Photo/qzrb.com]

ZTE CLAATEK Co announced its plans to locate its IoT subsidiary in Innovation Building, an industrial park for digital economy and smart industries in Quzhou, western Zhejiang province on Nov 30.

The news was released at the China LoRa IoT International Summit, which attracted more than 100 renowned digital technology and internet of things (IoT) companies from home and abroad.

"The IoT is an important part of the digital economy," said Huang Jianjun, general manager of the Quzhou branch.

"We know that Quzhou is ramping up its effort to develop digital economy and the city has long been known as the thoroughfare to Zhejiang, Fujian, Jiangxi and Anhui province where our businesses operate. So we selected Quzhou."

The IoT company has invested in constructing and managing the IoT service in the city, entering the era of smart parking.

In addition, more than 10 other companies involved in digital economy have settled down in the Innovation Building, including Alibaba, DBAPPSecurity and Zodolabs, according to a spokesman from the local State-owned assets supervision and administration commission.

"We are attracted by Quzhou's pleasant natural environment, favourable business climate and dynamic innovation atmosphere," said Mao Jingxiang, president of Quzhou-based Zhiwang Tech Company, which was set up in May this year.

Mao revealed that it only took two and half months for him to decide to locate his company in the city. Three months after the company started running, its retained profits have exceeded 40 million yuan ($5.8 million).

The new company is expected to generate more than 1 billion yuan next year, according to Mao.

The Innovation Building will continue offering more convenient services to its settled companies, said the spokesman from the local State-owned assets supervision and administration commission.

These companies can enjoy financial support, rent waivers, discount interest on bank loans, and subsidies for research and development.

The Innovation Building covers an area of 150 mu (10 hectares), including complete supporting facilities for its entered companies, such as multi-storey parking lots, a multi-purpose playground, restaurants, 24-hour bookstores, and exhibition halls.

More than 10 companies involved in digital economy have settled down in Quzhou this year. [Photo/qzrb.com]