Action plans ramp up development of key tech industries in Shanghai

Editor's Notes:

Shanghai, a well-established destination for investment from home and abroad, is confident to ride the waves of a rising city to attract more quality investment with better policies and services.

Shanghai is to ramp up support for the development of the green and low-carbon, metaverse, and intelligent terminal industries.

The city has introduced three action plans to boost the growth of green and low-carbon industry, get ahead in the emerging metaverse industry, and promote the high-quality development of the intelligent terminal sector.

The overall scale of these three industries is expected to exceed 1.5 trillion yuan (US$223.71 billion) by 2025, bolstered by a series of supporting policies and measures on financing, attracting talent, opening-up and collaboration.

For the green and low-carbon sector, the city is to grasp opportunities following the trends of clean energy, low-carbon raw materials, functional materials, efficient processes, electrification of terminals and resource recycling, which are in line with the national strategy of pursuing carbon peaking and carbon neutrality.

It set a goal to see the scale of this industry exceed 500 billion yuan by 2025, basically constituting a development pattern with two industry clusters worth hundreds of billions of yuan, five clusters on the scale of tens of billions of yuan, and a number of clusters of billions of yuan.

Also as of 2025, 10 green and low-carbon industry leaders, 100 core enterprises and 1,000 featured enterprises are to be developed.

In the green and low-carbon industry, for instance, the city will construct green low-carbon industrial parks focusing on fields such as hydrogen energy, high-end energy equipment, low-carbon metallurgy, green materials, and energy conservation and environmental protection.

To inject new momentum into metaverse development, the city will develop the sector to better empower the economy, life, and digital transformation of governance.

It aims to foster 10 leading enterprises with international competitiveness and a hundred companies that specialize in niche sectors, launch over 50 demonstration scenarios and more than a hundred iconic products and services, and achieve an overall industrial scale of 350 billion yuan by 2025.

In boosting the intelligent terminal industry, meanwhile, the city will vigorously develop intelligent connected vehicles (ICVs), intelligent robots, virtual reality interaction, smart homes, and smart wearables.

The goal by 2025 has been set at a scale of over 700 billion yuan, with at least two enterprises with revenues of hundreds of billions yuan each, no fewer than five companies with revenues of tens of billions of yuan, and at least 20 firms with income of billions of yuan.