Shanghai committed to resolve issues to turn into global center
Print Edition
SHANGHAI will further cut government bureaucracy, introduce flexible talent polices and improve capital markets to propel the city into an international innovation hub, Shanghai Mayor Yang Xiong said yesterday.
“The most urgent mission is to break regulatory bottlenecks and develop systems for innovation,” Yang said, even as he admitted that the city still has a lot of difficulties to overcome.
“Shanghai has lots of technological achievements as well as excellent talent but many of them haven’t been given full play to their potential due to regulatory barrier,” the mayor said at the 27th forum of the International Business Leaders’ Advisory Council.
Shanghai is home to 165 academicians of the Chinese academy of Sciences and the Chinese Academy of Engineering, accounting for 11 percent of the national total, Yang said. The city also hosts over 300 research and development centers, including 120 belonging to Fortune 500 companies.
Shanghai is also planning to build innovation clusters in Zhangjiang, Zizhu, Yangpu, Caohejing, Jiading and Lingang areas and foster a number of pioneer enterprises and industries as the new engine of the city’s growth, Yang said. The mayor also pledged to lower the threshold for international talent to settle in Shanghai and introduce market-oriented talent reward and evaluation systems.
“To diversify funding channels for innovation companies, Shanghai is seeking to set up a strategic emerging board under the Shanghai Stock Exchange and a technology innovation board under the Shanghai Equity Exchange,” Yang said.
He added the government will also facilitate technology trading and step up protection for intellectual property.
Gerard Mestrallet, chairman and CEO of French energy company Engie, suggested the government set up a specialized intellectual property court in Shanghai’s free trade zone in order to enhance a sound legal environment for IP protection.
“By doing so and leveraging on the other benefits of the FTZ, we believe this innovation-friendly IP court would greatly weigh on decisions to set up R&D centers here,” Mestrallet said.
Yang said foreign players are welcome to take part in the city’s innovation strategy and Shanghai will enhance cross-border flow of innovation and encourage foreign institutions to be part of its innovation network.
International business leaders offered ideas ranging from creating an environment conducive to investment in innovation to supporting education in related areas.
Jean-Pascal Tricoire, chairman and CEO of Schneider Electric Group, urged incentives such as tax cuts, grants and favorable policies to boost investment in innovation.
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