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September 11, 2009

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Body to back software and IT to be created

SHANGHAI will establish a city-level organization by the end of this year to support the local software and information technology service industry, the city industry regulator said yesterday.

Shanghai's software and IT service industry is set to generate a revenue of 360 billion yuan (US$52.9 billion) in 2012, a surge of 74 percent compared with the expected revenue of 210 billion yuan in 2009, according to the Shanghai Economic and Information Technology Development Commission.

"Shanghai's software firms grew big in past years," said Shao Zhiqing, vice director of the commission. "Now we should give them policies and support to make them grow strong and competitive."

China will implement policies nationally to support large-scale IT services firms which plan to launch initial public offerings or company bonds in the domestic market, the People's Bank of China said yesterday on its Website, without giving more details.

Through the new organization, Shanghai will establish 10 IT service and software industry zones by 2012, double the current number. About 400,000 people will work for the local industry then, which is expected to account for 6 percent of the city's gross domestic product, according to the commission.

Shanghai will establish a fund to support IT innovation and help enterprises to get bank loans, Shao said.

In the first half of the year, revenue in the city's software and IT service industry was 102.41 billion yuan, a 14.6 percent growth annually.



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