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KPMG: Shanghai is strong in technology innovation

By Feng Jianmin | March 6, 2017, Monday | Online Edition

SHANGHAI will emerge as the closest rival to Silicon Valley as a technology innovation hub in the next four years with its financial and digital strength, KPMG said in a survey today.

KPMG found 43 percent of respondents said that the technology innovation center of the world is likely or very likely to move from Silicon Valley to another country in the next four years, according to its survey covering 90 technology industry leaders from China and 168 from the US.

Shanghai was selected by 26 percent of respondents as the city to rival Silicon Valley, San Francisco as a leading technology innovation hub, followed by New York, Tokyo, Beijing and London.

“China’s economic transformation is spurring the creation of new drivers of growth, new industries, new institutions and new opportunities in the technology and innovation space,” said Egidio Zarrella, head of client and innovation of KPMG China. “Shanghai is ranked first overall in the survey as a future tech leader with its strong regional leadership in financial markets and numerous high-tech parks in Pudong.”

He added that Shanghai is bound to remain among the world’s leading innovation hubs given its growing base of digital media and entertainment companies.

Shanghai’s pleasurable lifestyle and favorable climate can also help draw top talent, Zarrella said.

The survey highlights that internet of things, robotics, artificial intelligence and biometrics are the disruptive technologies identified in the US and China which are expected to enable business and industry transformation.

Meanwhile, financial services and technology are believed to have the greatest monetization potential as a result of the adoption of artificial intelligence and cognitive computing.

Shanghai last year won state approval for plans to build as a global technology and innovation center by 2020 with greater support for entrepreneurship, investment to support research and development, and construction of major science projects.

To meet the goal, Shanghai this year will build the Zhangjiang Comprehensive National Science Center, improve market-oriented mechanisms for the transfer and commercialization of scientific and technological achievements, and develop more international and attractive talent policies, according to the government report released in January.

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