(Yicai Global) March 21 -- Shanghai has encouraged overseas institutions to establish research and development labs in the eastern megacity in order to upgrade Shanghai to become a global R&D hub.
Shanghai's municipal government will offer support for foreign-funded companies and agencies to locate their headquarters and research institutes in the city, as well as tender for contracts regarding public projects, the administration said in a conference yesterday.
The city will encourage local institutions to set up joint ventures with countries along the Belt and Road initiative, which is President Xi Jinping's international investment plan, in order to bid on public science and technology projects, a document that was published at the meeting shows. It will also allow privately owned tech companies to undertake government research projects.
Shanghai will develop its sci-tech innovation service sector, integrate resources, and improve tech trade, in order to make Shanghai a key node in the international technology network, the report added.
Editor: Emmi Laine