30th Anniversary of Torch Plan Project
This year marks the 30th anniversary of the national Torch Plan Project. Ten years after China adopted the reform and opening-up policy (in 1978), China decided to implement the project to promote the development of the country's high-tech industry. In August 1988, the Science and Technology Commission (now the Ministry of Science and Technology) held the first meeting, which marked the official start of the project.
After 30 years of development, China has established 169 national-level, high-tech districts, which have helped more than 2 million people find employment. Currently, China has more than 136,000 high-tech companies. In 2017, China ranked second in the world in terms of the number of its unicorn companies. "China should strengthen financial support to ensure the further development of the high-tech industry," says former director of the project's office, Wang Ruiming.