Shanghai announces 24 investment promotion policies to attract new businesses
Shanghai has announced a fresh set of 24 investment promotion policies to attract businesses to the city, including a maximum reward of 100 million yuan (US$14.54 million) for significant investment projects.
The Shanghai Global Investment Promotion Conference 2023 was held at the Shanghai Expo Center on Thursday morning, inviting the world to share in opportunities for development and collaborate on major plans.
A new round of 24 measures promoting investment was launched at the conference, aimed at tailoring policy packages for businesses and enhancing their investment confidence.
Among them, one of the most noteworthy policies is to provide incentives for top-tier industrial projects, with a maximum support of up to 100 million yuan to be granted upon project execution.
Additionally, the city will provide a subsidy of up to 10 million yuan for purchasing or leasing property for headquartered projects.
It also pledges to leverage the advantage of having a cluster of financial institutions, to integrate and utilize various industry investment funds with a total scale of 100 billion yuan. This will facilitate investment and financing channels for industries and enable investment to attract projects.
The new policy also clarifies that high-quality projects in the city's three leading industries, namely integrated circuits, biomedicine and artificial intelligence, may receive support of up to 100 million yuan.
Specifically, in the integrated circuit sector, the focus will be on attracting investment in key links.
In biomedicine, high-quality companies will be encouraged to establish various types of headquarters, research and development centers, and production bases in Shanghai.
While in artificial intelligence, efforts will be made to accelerate the attraction of intelligent chip, core algorithms, operating systems and other projects, and to speed up the implementation of high-quality projects.
A batch of 26 projects were signed at the Shanghai Global Investment Promotion Conference 2023 on Thursday, with a total investment of 67.4 billion yuan.
The conference also announced a number of achievements in investment promotion and talent attraction.
In 2022, Shanghai successfully signed and implemented 1,375 key investment projects worth over one billion yuan each, with a total investment of over 1.2 trillion yuan.
Since the beginning of this year, the city has signed 353 major industrial projects with a combined investment of 225.4 billion yuan.
Recently, another 168 major investment projects with a total investment of 327 billion yuan were identified, and 26 large-scale and high-level representative projects were signed at the conference, with a total investment of 67.4 billion yuan.
The projects signed today cover the city's key industries and new areas, as well as the cutting-edge fields in future industries.
For example, in the field of biomedicine, consumer health company Haleon plans to build a health product production base in the Lingang Special Area.
XFH Technology in the green and low-carbon industry, meanwhile, is ramping up its investment in Baoshan District, with plans to invest 2.1 billion yuan in the construction of a Shanghai carbon-peak technology and innovation center and a carbon-peak technology and innovation industrial park.
Meanwhile, with emphasis placed on talent, the conference this year introduced a new talent signing ceremony. Ten scientists and high-end industry professionals from home and abroad reached cooperation agreements with 10 local enterprises and research institutions in various fields, to accelerate the transformation of innovative achievements.
Shanghai boasts a robust talent pool, as its currently home to half of the country's 5G experts, 40 percent of integrated circuit specialists, a third of artificial intelligence enthusiasts, and a quarter of innovative pharmaceutical professionals.
"I think the Shanghai business environment is a premium environment in China and in the world, because it adds content and we've seen during the conference that it goes from the machinery, electrical equipment, heavy industry, to top-notch biotech and Internet technology," said Denis Depoux, global managing director of Roland Berger.
The city is also a hub, which gives China access to the world, and to a very broad range of capabilities in the Yangtze River Delta region. Plus it's a beautiful and nice city to live in, with a huge reserve of talent. "This makes it a pretty ideal environment for both domestic and global companies," Depoux added.
