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Shanghai starts program to lure smart industrial companies
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Shanghai yesterday launched a program to attract higher-end manufacturing companies to locate their business in the city.
The program will target “smart industrial companies” involved in robot-making, integrated circuit, 3D printing, intelligent equipment and health care equipment in the hope of strengthening Shanghai’s competitiveness in advanced manufacturing and accelerate the city’s opening-up process, said Shang Yuying, chairwoman of the Shanghai Commission of Commerce, which hosted the Shanghai Investment Promotion Partnership meeting.
“Shanghai is in the midst of deep economic restructuring. We are upgrading the industries — not letting them go,” Shang clarified.
Under the program, every district in the city will have to make plans to attract strategic industrial investors as highlighted in the Shanghai’s draft of the 13th Five-Year (2016-2020) Plan.
“We should keep the scale of manufacturing within a reasonable range of Shanghai’s economy, while raising the sector’s innovative capability,” Shang said.
Last year, Shanghai’s manufacturing sector edged up 1.2 percent to 794 billion yuan (US$121 billion), accounting for 31 percent of the total economy. In comparison, the service sector grew 10.6 percent to 1.69 trillion yuan, driving the city’s 6.9 percent growth.
Xu Ziying, deputy director of the Shanghai Commission of Economy and Information Development, said the growth in advanced manufacturing does not contradict the lead taken by the service sector, and foreign investment was welcomed in the smart manufacturing sector.
Contracted foreign direct investment in Shanghai surged 86.5 percent year on year to US$58.9 billion last year with only US$1.96 billion flowing into the manufacturing sector, down 22.2 percent on an annual basis. Foreign funds flowing into the service sector climbed 95.7 percent to US$54.5 billion.
“Foreign manufacturers are important for Shanghai because they are leaders in research and development,” Shang said.
The commission said 535 multinational companies had located their regional headquarters in Shanghai, making the city the largest hub for foreign firms in the country.
There are close to 9,100 foreign-invested manufacturing companies in Shanghai.
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