Pudong to become hub for technology innovation
April 27, 2021 Category China News Round-up, Weekly
Pudong New Area, the reform and opening-up showpiece in Shanghai, is expected to be a major hub for technology innovation and further opening-up, local officials said. An advanced manufacturing industrial cluster featuring six major industries will lead the future development of Pudong, according to a plan. A complete chipmaking industrial chain, which will be globally competitive, shall be set up in Pudong, with annual output reaching CNY350 billion by 2025. Output of innovative drugs is expected to reach CNY200 billion by 2025 while that of the domestic commercial civil aviation industry will reach CNY50 billion. An industrial cluster led by new energy vehicles (NEVs) will be established in Pudong with annual output reaching CNY150 billion in the next five years. Annual output of smart manufacturing will reach CNY220 billion by 2025, while information service providers in Pudong are expected to attain a total income of CNY600 billion in 2025.
By the end of 2025, Pudong is expected to be home to more than 8,000 high-tech companies, according to the plan. To better nurture entrepreneurship, there will be 200 incubators in Pudong in 2025. A technology investment system will be established, including funds of funds, venture capital firms and banks so that more Pudong-based technology companies can go public. “Major breakthroughs in fundamental research, core technologies, product innovation and initial application of products can be expected in Pudong in the next few years. We will also see more high-end innovation resources, the commercialization of innovation results, a vibrant innovation and entrepreneurship ecosystem, and close integration of technological innovation industries,” said Zhou Zhengyu, Deputy Director of Pudong’s Technology and Economic Committee.
High-level opening-up will be another feature in Pudong’s development over the next five years to help Pudong gain a more competitive edge in the global market. The financial industry will also play a key role. Up to 1,250 financial institutions with banking or securities licenses will operate in Pudong by 2025, accounting for two-thirds of the city’s total. The region will also be home to 150 international asset management firms and 15 leading fintech companies. During the 14th Five Year Plan period (2021-25), Pudong will account for 60% of Shanghai’s total import and export value, the China Daily reports.
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