(Yicai) July 10 -- Shanghai has issued a gradient cultivation action plan for high-growth enterprises to promote the development of emerging industries and cultivate new drivers of economic growth, aiming to foster more than 1,000 unicorn and gazelle companies in three years.

Shanghai will form a "pyramid-like" echelon for high-growth enterprises by 2027, according to the plan released by the Shanghai Municipal Commission of Economy and Information Technology yesterday. It will foster 400 potential gazelles, 300 gazelles, 200 potential unicorns, and 100 unicorns, including two new unicorns with valuations of over USD10 billion.

Gazelles are young, fast-growing startups that increase their revenue by at least 20 percent a year and have a base revenue of at least USD100,000. Unicorns are usually privately held startups worth at least USD1 billion and set up no more than 10 years ago.

In the next step, Shanghai will speed up formulating the implementation rules of the action plan, introduce a normative document to clarify the standards for gazelles and unicorns, and solicit opinions from the public, said Xu Ming, director of the Municipal Commission of Economy and Information Technology's small and medium-sized enterprises development office.

Shanghai will select and publish lists of companies included in the new echelon every year, according to the plan. Gazelles and unicorns entering the list for the first time can be rewarded up to CNY1 million and CNY2 million (USD139,270 and USD278,540), respectively.

In addition, the city will increase financing support for high-growth enterprises, encourage angel funds, venture capital, and state-owned industry funds to participate in the early investment of gazelles, provide all-around support for unicorns to go public, and take other supportive measures.

Shanghai will also support high-growth enterprises with resources and talent, including providing a subsidy of up to 30 percent of a lease contract amount not exceeding CNY40 million (USD5.6 million) to firms renting computing infrastructure to conduct artificial intelligence research and development and rewarding up to CNY30 million for the core talent teams of qualified integrated circuit and software companies.

The new action plan aligns with China's national strategy. The State Council proposed to gradually cultivate innovative enterprises and support the development of unicorns and gazelles in its government work report released in March, the first time China's cabinet mentioned these types of enterprises in its annual report.

Editors: Dou Shicong, Martin Kadiev