Yangpu to become 'highland' for private firms

Yangpu District released a number of supportive policies for private firms on Thursday, including an up to 10 million yuan housing subsidies and legal assistance.

Private tech firms in Yangpu are encouraged to establish overseas research centers, labs and incubators, especially in the Belt and Road countries, with new support from the district government.

The newly unveiled Yangpu Innovation Center in San Francisco's Silicon Valley, as well as a number of foreign institutes based in Yangpu, will help local private firms to expand abroad.

The innovation center, established in November under the cooperation of the Yangpu government and the San Francisco Bay Area, will help Yangpu-based companies to develop businesses in the valley, while attracting new technologies, funds and innovative companies to the city.

Yangpu District released a number of supportive policies for private firms Thursday, including up to 10 million yuan (US$1.5 million) housing subsidies and legal protection on intellectual property rights.

Yangpu has a total of 5,400 private enterprises — most of the city’s small and medium size tech firms and startups are based in the northeast downtown district.

To attract more similar enterprises to Yangpu, the district will offer a maximum of 10 million yuan in housing subsidy for the regional headquarters of private companies, and up to 5 million yuan in leasing subsidy.

The district government plans to invest at least 1 billion yuan annually to support the development of private companies, said Miao Rongbin, director of the development and reform commission of Yangpu.

“Yangpu aims to develop into an entrepreneurial, innovative and energetic highland for private companies,” Miao told a press conference on Thursday.

The district’s science and technology commission has begun inviting private tech firms to universities to find useful technologies and recruit professionals. Over 50 cooperative agreements have been inked between tech firms and Fudan, Tongji and other Yangpu-based universities. The district government will offer up to 2 million yuan subsidies to each of the projects.

The commission has also taken private tech firms to state-owned enterprises to take over some minor projects. A virtual reality technology firm, for instance, has reached an agreement with the Shanghai Engineering Design Institute Group to take charge of the three-dimensional showcase for the group’s road construction projects.

The district’s court will set up reception centers at major innovative parks in Yangpu to offer legal assistance and consultation for private companies.

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