University Science and Technology Park Promoting the Development of the National Economy: A Study on China's Experience

One of the most important success factors in the path of knowledge-based economy is the creation and development of smart infrastructures in the national innovation system. Science and technology parks are one of the most essential components of the national innovation system and the connecting link between universities and industry in different countries. They are considered an effective mechanism for promoting innovation and developing start-up businesses. This study aimed to investigate University Science and Technology Park as a key factor in promoting national economic development. In order to deepen the topic, China's experience in technology and innovation and the success factors of China Science Park were explored. The research method was descriptive and analytical, using the document study method. The result indicated that the university science and technology park, as one of the links of the technology chain, played a significant role in the successful implementation of the mission of the university and the national economic development. The findings of the case study of China showed that the University Science Park was a good place to explore the relationship between government, university, and industry in China. Since the 1980s, the Chinese government has started to direct science and technology toward the market and has designed new policies to diversify the financial resources of universities. With government support from higher education and the implementation of targeted plans and programs, including the development of science and technology parks and the encouragement and support of innovation and technology, it succeeded in achieving significant economic progress. Promoting the commercialization of university technology and establishing a region for the management of university spin-off companies were among the primary goals of establishing a university science park in China. The results indicated that among the factors that influence the success of science parks in China were: governmental support, scientific and economic environment of innovation, the governance and management of park, stakeholders, and infrastructures.