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Shanghai to build 'real' economy' via upgrade

Jun 1, 2017

Shanghai will develop the "real economy" by upgrading its manufacturing to transform the city into a global innovation hub, government officials said yesterday.

The city will "gather resources to boost innovation, upgrade industries led by advanced manufacturing," said Chen Mingbo, director of Shanghai Commission of Economy and Information Technology.

The city will nurture 5-10 "innovative manufacturing centers" specializing in "industrial Internet" - digitizing machines for greater efficiency - which will bolster Shanghai's leadership in China's industrial upgrading, Chen said.

Shanghai will develop over 60 large-scale projects whose investment will be over 1 billion yuan (US$147 million) from 2016 to 2020, Chen said.

These projects include advanced industries such as integrated circuit, smart transport and aircraft manufacturing, while Shanghai also encourages "setting up billion-yuan industry funds" from the private sector to commercialize research at small and medium companies.

The city will set aside 550 square kilometers for industrial use by 2020. It will reserve one third of land belonging to low-efficient firms, which will be shut down, to manufacturing enterprises every year.