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Shanghai witnesses growing number of startups

MORE than 70,000 enterprises have been set up in Shanghai so far this year, up by 20 percent than the same period last year, Vice Mayor Zhou Bo said on Thursday.

During a phone-in radio program, the deputy mayor discussed with residents how to develop the city as an innovation center with global influence.

"The number of newly setup enterprises can illustrate a city's vigor of innovation," Zhou said. "Last year there were nearly 200,000 enterprises set up in Shanghai, but the number has hit 70,000 so far this year."

He added that many Shanghai locals preferred working as white collars in big enterprises or foreign companies, rather than starting their own businesses.” But now there is an increasing number of local residents deciding to start their own business every year.”

Zhou said the city is also providing more preferential policies for companies, universities and research intuitions, to bridge the gap between technology and industry.

He said qualified innovation projects of Shanghai’s state-owned enterprises, including merging or investing promising startups, can also be seen as the companies’ profit.

“This has relieved many companies’ worries on losing state-owned assets or affecting staffers’ performance appraisal.”

Zhou added that to encourage innovation within universities and research intuitions, the government has rolled out more policies to mobilize the research and development teams there.

"Those teams can get 50 percent profit of their commercialized results according to the country's regulations to promote technology commercialization, while in Shanghai the number is 70 percent."


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