Transformation into a science and tech hub
Shanghai has already been leading the way in molding an innovation-led economy by pioneering scientific and technological innovation in China. Moving forward, the city is now looking to focus on transforming into a science and technology hub that can exert influence on a global scale.
According to Shanghai Mayor Yang Xiong, the city will aim to speed up its transformation by reducing government bureaucracy as well as introducing more policies to attract top talents. He added that Shanghai has already been formulating policies to pursue developments in various fields including brain science, artificial intelligence, stem cell and tissue repair.
Currently, the number of research and design centers by multinational corporations in Shanghai accounts for nearly a quarter of the total number in the country. The proportion of Shanghai’s investment in research and development in its GDP has also risen from 2.8 percent in 2010 to 3.6 percent in 2014, reaching the level of developed countries.
According to a proposal by the city’s authorities, Shanghai will complete the framework for becoming an influential science and tech center by 2020. The core functions of a global innovation center would be in place by 2030.
“Shanghai is already on the road to becoming an international economic center, a financial center, a trade center and a shipping center. The construction of a technological innovation center will further enhance the city’s growth,” said Yu Lei, a researcher with the Shanghai Academy of Social Sciences.
Furthermore, a slew of policies, including 22 measures issued on May 2015, were continuously unveiled by the municipal government to encourage enterprises to carry out more creative projects and support the development of scientific and technological research institutions.
Shanghai is poised to become a science and technology hub.