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In August of 1988, the State Council of China officially approved the implementation of Torch Program -- a plan to develop hi-tech industries in China. Torch Program is the beginning of the reform to facilitate the combination of industry and technology by the market system and of the development of high and new technology industries. As the administration over the program, Torch High Technology Industry Development Center (Torch Center) was founded in October 1989, as an independent legal entity, subsidiary to the Ministry of Science and Technology (MOST). Under the guidance of the Ministry, and devoted to the mission of “Developing High Technology & Realizing Industrialization”, Torch Center has been making daring explorations and constant innovations to promote the advancement of high-tech industries in China.
For almost 3 dacades, with the formulation and implementation of a series of policy tools and activities such as the National Hi-tech Industry Development Zones, Technology Business Incubators, Hi-tech Enterprises Certification, Technology Market Promotion, China Innovation Entrepreneur Competition, Innovation Challenge of China, and Tech-Industry Express, Torch has become a working system that made outstanding achievements in improving the environment for innovation, allocating science & technology resources, promoting technological innovation and transformation, facilitating the integration of the economy with science & technology, adjusting the industrial structure, and strengthening regional innovation abilities. As an important driver for the commercialization, industrialization and internationalization of new and high technologies, Torch has become a bright banner for the development of hi-tech industries in China.
