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March 7, 2017

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Shanghai seen as rival to Silicon Valley

SHANGHAI will emerge as the closest rival to Silicon Valley as a technology innovation hub in the next four years as it taps its financial and digital prowess, KPMG said yesterday.

KPMG found 43 percent of respondents said 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 United States.

Shanghai was selected by 26 percent of the respondents to rival Silicon Valley in San Francisco as a leading technology innovation center, 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.”

Shanghai, home to a growing number of digital media and entertainment companies, is likely to remain among the world’s leading innovation centers, he added.

The survey said the Internet of Things, robotics, artificial intelligence and biometrics are the disruptive technologies are needed to transform industries and businesses.

Shanghai last year won state approval to build a global technology and innovation center by 2020.

Shanghai this year will build the Zhangjiang Comprehensive National Science Center.


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