MNCs driving Shanghai鈥檚 innovation
Print Edition
MULTINATIONAL corporations are the driving force to developing an innovation-driven economy in Shanghai, city officials said yesterday.
“Support from MNCs is vital for Shanghai to further improve its capacity to integrate and allocate innovation resources,” Xu Yibo, deputy secretary-general of Shanghai government, told an innovation forum.
By the end of September, MNCs have set up 378 research and development centers in the city, accounting for 25 percent of the national total, data from the Shanghai Commission of Commerce showed yesterday.
More than 120 of the R&D centers are run by the global top 500 companies.
Shang Yuying, director of the commission, said these R&D centers function as important platforms for Shanghai to attract high-end innovation resources and highly-educated talents.
Foreign firms continued to spend more on innovation. In 2013, foreign-funded firms in Shanghai spent 54.8 billion yuan (US$8.9 billion) on R&D, up 13.2 percent from a year ago.
They are also playing a greater role in the city’s economy. Foreign-funded companies have contributed over 30 percent of Shanghai’s tax revenue and are responsible for a quarter of the city’s job creation.
Shang said the city will push small and medium firms and MNCs to cooperate as Shanghai seeks to build a global innovation network.
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