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November 12, 2015

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Shanghai eyes better tech ecosystem

SHANGHAI vows to build a “better ecosystem” to lure foreign participation in its technological innovation and expects more multinational companies to locate their research and development hubs here, Vice Mayor Zhou Bo said yesterday.

“Shanghai will dedicate to constructing a better ecosystem for technological innovation and try to attract more multinational companies to locate their R&D centers here,” Zhou told a forum where eight MNCs, including DuPont, Cisco, 3M and Microsoft, shared their experience in latest technological development with more than 300 representatives from government, academic institutions and companies.

Last month, Shanghai unveiled new rules which encourage MNCs to set up their global R&D centers in the city.

The measures, which took effect this month, include certain financial incentives for setting up global R&D centers by MNCs, the deregulation of non-trade contract applications, tax payments and customs clearance for research equipment. The city also offered wider credit channels and better visa and residency services for foreign scientists and engineers.

The rules aim to turn Shanghai into a global science and technology hub.

At the end of September, 525 MNCs sited their regional headquarters in Shanghai which was also home to 391 R&D centers.

Last year, Shanghai invested 83.1 billion yuan (US$13 billion) in research and development, almost double the amount allocated in 2010.


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