Shanghai boosted scientific and technological innovation last year, with an average of more than 320 new technology companies being established every day in the eastern Chinese city, according to the annual session of the Shanghai People's Congress.
According to the city government's work report, Shanghai's spending on research and development as a share of its gross domestic product will reach about 4.5 percent by 2025.
The total production volume value of its strategic emerging industries in the industrial sector increased 6.5 percent last year, with the combined scale of its three leading industries, namely integrated circuits (chips), biomedicine, and artificial intelligence (AI), exceeding 2 trillion yuan (1 yuan = Rp2,418) or about 287.63 billion US dollars (1 US dollar = Rp16,777).
Shanghai also continues to refine its support policies for leading technology companies and high-growth enterprises.
By the end of 2025, the city will have accommodated more than 23,000 innovative small and medium-sized enterprises (SMEs), 13,000 specialized and sophisticated SMEs, and 1,000 "little giant" companies excelling in niche sectors.
Furthermore, the metropolis has launched 18 high-quality incubators, covering emerging industries and cutting-edge fields such as quantum optoelectronics, smart sensing, synthetic biology, and cell and gene therapy.
Specifically, the Shanghai government's work report outlines plans to strengthen technological innovation, improve the innovative enterprise development system, and build more than 50 cutting-edge smart factories by 2026.
