China to establish 3 more innovation pilot zones

China will establish three more pilot zones for companies to conduct R&D.  That's part of the country's supply side reform and upgrade of traditional manufacturing.

The announcement came at the conclusion of Wednesday's state council meeting chaired by  Premier Li Keqiang. The meeting decided to establish pilot zones in Henan, Shandong and Liaoning provinces for local tech companies. The new zones will give China a total of 14 innovation incubators throughout the country. The State Council also promised to provide  tax breaks and financing services to the pilot zones.