Upbeat on city’s capacity for innovation
Print Edition
INNOVATION is one of the keys to Shanghai’s economic development, but the city must take its own approach to fostering it, a senior official said yesterday on the sidelines of the annual meeting of the Shanghai People’s Congress.
Shi Liangping, director of the Institute of Economics of the Shanghai Academy of Social Sciences, said many observers compare Shanghai with Hangzhou or Shenzhen, where companies including Alibaba and Tencent were born, wrongly concluding that the city is less capable of such innovation. “But it is wrong to say so,” Shi said. “Shanghai’s innovation has different characteristics.”
He conceded that Shanghai is unlikely to be the first choice for grassroots innovators due to high operating costs. But he stressed that when such firms grow big enough, Shanghai is the top choice because it has a great business environment.
“Shanghai is the largest hub in China for multinational companies to establish research and development centers, which is a boost for the city’s innovation capability,” Shi said.
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