Shanghai issues investment support package, highlights 10 future-oriented 'tracks'

Editor's note:

Shanghai, a well-established destination for investment from home and abroad, is confident it will attract more quality investment thanks to better policies and services.

Shanghai issued a policy package on Friday to further support enterprises to invest in the city, including a 100-billion yuan (US$13.9 billion) guided parent industrial fund, city officials said on Friday.

In addition, 10 key "tracks", covering artificial intelligence, bio-medicine, new energy and other industries, were also highlighted at the Shanghai Global Investment Promotion Conference 2024 on the day, providing investment opportunities to fuel the city's economic development and transformation.

Credit: zhu shenshen / SHINE

The package focuses on factors and indicators of funds, credit, cost and space that are on top of investors' mind. It includes a government-backed guided fund of 100 billion yuan mainly for Shanghai's three pioneering industries of artificial intelligence, bio-medicine and chips, which are expected to leverage more investment from social capital.

The package also allows a 2-trillion-yuan credit line, a cost reduction of 100 billion yuan for industrial enterprises including small and medium-sized enterprises or SMEs, and pledges to build more than 10 million square meters space for smart manufacturing.

The package was jointly issued by several local regulators and bureaus, including the Shanghai Commission of Economy and Informatization and the Shanghai Finance Bureau, and represents their commitment to "Invest Shanghai" 2024, which supports firms to invest in the city.

Credit: Ti Gong

The conference, attended by Mayor Gong Zheng, is a top-level investment promotion forum, which invites global enterprises and innovative and entrepreneurial talents to continue to focus and invest in Shanghai.

Also during the conference, city officials revealed 10 "tracks", or key industry chains and segments, with investment opportunities and policy support.

They include (AI) large models, humanoid robots, Metaverse, wide bandgap semiconductors, bio-manufacturing, large aircraft, large cruise ship, commercial aerospace, new materials and hydrogen energy.

As part of this, downtown Xuhui District will develop AI large models, having already built a special incubation base for large language model firms.

Some of the Shanghai-developed AI models feature capabilities "comparable to OpenAI's GPT 4" (used in ChatGPT), in vertical industries, industry officials told an AI developer conference last week.