Park to open to foreign backers
Print Edition
Foreign venture capital firms will soon be allowed to invest directly in startup companies in Shanghai’s Zhangjiang High-Tech Park, a local official said yesterday.
The move is part of the city government’s plan to develop Shanghai as a global center for technology and innovation, said Sun Jiwei, head of the Pudong New Area.
“After the free trade zone, it is one of the most important projects in Shanghai,” he said, adding that the park is to be renamed Zhangjiang Tech City.
“The tech city and free trade zone are the two drivers of Shanghai’s development,” the official said.
Allowing direct investments by overseas venture capital firms is one of the key moves in the development of a strong relationship between innovation and finance, Sun said.
Others will include the promotion of cross-border financing by banks and the creation of a the Zhangjiang Tech Bank, whose focus will be to provide funding for technological innovation, he said.
By 2020, the Pudong New Area will be a global technology center, thanks to Zhangjiang Tech City, he said.
The technology park opened 20 years ago and is now a national base for the integrated circuit, software and biomedical industries. It also supports startups and innovation in the areas of robotics, 3D printing, gene research and Internet finance, said Yang Ye, head of its management company.
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