SHANGHAI, Sept. 10,
2024 /PRNewswire/ -- A news report
from english.shanghai.gov.cn
Shanghai forum aims to
attract more financial capital to eastern metropolis
Stronger cooperation between different entities and regions, as
well as a continuous flow of capital into emerging industries, are
crucial to the facilitation of technological innovation, which
serves as a major driver for China's high-quality economic growth,
according to officials and industry experts.
Their remarks were made during the 17th Pujiang Innovation
Forum, which started on Sept 7 in
Shanghai. This year's forum,
jointly held by the Ministry of Science and Technology and the
Shanghai municipal government, was
themed "Sharing Innovation and Shaping the Future Toward an Open
Environment for Scientific and Technological Innovation".
A 10-billion-yuan ($1.4 billion) Shanghai Future-oriented Industries
Fund was launched during the opening ceremony of the forum.
Projected to promote disruptive innovation, multidisciplinary
and interdisciplinary innovation, as well as cutting-edge,
platform-based technologies, the fund will focus on the health,
information technology, manufacturing, energy, space and material
industries, according to the Shanghai government.
The fund will also connect to the industrial fund of funds for
Shanghai's three pioneering
industries of integrated circuits, biomedicine and artificial
intelligence to form a fund cluster. In this way, a complete
technology innovation investment system will be developed in
Shanghai, facilitating early-stage
technology incubation and industrial integration, the city's
government said.
During his speech delivered at the opening ceremony, Chen
Jining, Party secretary of Shanghai, said the city will advance
international cooperation on major scientific issues in areas of
life and health, new energy and human development. Shanghai will also better integrate into the
global innovation network and participate in global governance in
areas such as AI.
Xie Min, director-general of the
department of policy, regulation and innovation at the Ministry of
Science and Technology, said during the forum that innovation
centers in China will be better
guided to break barriers in terms of geography, administration and
markets. As a result, innovation capabilities will be better
coordinated, retaining the distinctive strengths of different
centers while addressing shortages.
China will also step up
cooperation on a global scale by facilitating the free flow of
various innovative elements, he said.
Liu Dongmei, Party secretary of the Chinese Academy of Science
and Technology for Development, explained that the national-level
technology innovation center, which covers a larger area, should
focus on applied research to support the development of key
industries and high-quality development.
A regional technology innovation center may cover one province
or several adjacent provinces. Such a center focuses on the
application of technologies by making the most of its resource
endowment, she said.
According to Liu, the Yangtze River Delta region has set up a
model regional innovation center. The region accounts for over 30
percent of China's research
professionals, patents and fiscal expenditures for technology
development, and it contributes nearly half of the country's
technology income from the international market.
Shanghai has played an
important role in improving the region's innovation capabilities,
she said.
The next round of technology reform will be more complex,
dealing with sectors such as brain science, quantum technology,
synthetic biology, aerospace and controlled nuclear fusion,
according to Mi Lei, founding
partner of venture capital investor Casstar.
The development of these technologies, which cover various
disciplines, will take longer and require significant investment.
Long-term capital is of greater importance against that backdrop,
Mi said.
Ge Liang, deputy general manager
of the technology finance department at Shanghai Pudong Development
Bank, said investing in companies focused on hard technology at an
earlier stage has been more frequently emphasized in the market.
But it is not an easy task, as there are various uncertainties
regarding technological innovation.
For more information:
https://english.shanghai.gov.cn/en-17thPujiangInnovationForum/index.html
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SOURCE english.shanghai.gov.cn