The new area will eventually cover 2,000 square km, with an expected population of 2-2.5 million.
The new policy details on how to better integrate AI into other industries and how to efficiently leverage the cutting-edge technology to push forward the Made in China 2025 strategy, said Lu Chuncong, director of the Policy and Economic Research Institute at the China Academy of Information and Communications Technology, a government think tank affiliated with the ministry.
The new company will transform into a company solely focused on commercial management and strive to go public as soon as possible, the statement said.
The new policy announcement pointed out three scenarios of property transfers, including parents granting housing ownership to their children, and discount coupons and hongbao, or red envelopes, stuffed with cash used by families and friends online, all should be free from taxation.
The new company also plans to use new energy vehicles and expand overseas.
The new national security law also introduces broader content, including responsibilities at both the central and local level and aspects to do with improving the legal system and enforcement mechanism.
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The new cabinet has two more positions than before and many familiar faces remain in new positions.
The new transfer payment mechanism is noteworthy because provincial-level governments only serve to pass these funds on to lower-level governments, and a supervisory system will be established to prevent embezzlement, said Li Jinghui, director of the Budget Department at the Ministry of Finance.
The new leading group will study and review national strategies, plans and major policies in science and technology, deliberate on and approve the country's significant sci-tech missions and programs, and coordinate major sci-tech affairs among State Council departments and between them and local governments.
The new five-year plan and the longer-range objectives through 2035 will be worked on and consulted upon over the next few months and be submitted to the National People's Congress, China's national legislature, for approval next year.