CCTV9英语新闻：Shanghai OKs draft plan to boost innovation

Shanghai is looking to add a new economic driver to its growth as the city approves a draft plan to transform the city into a technological innovation center. 

 

The proposal declares the city will become such a center with global influence by 2030. The new goal is expected to provide technology-driven companies with a huge opportunity to drive smarter and more sustainable growth through innovation.

 

To achieve this goal, innovation will be supported by favorable policies, subsidies and start-up funds. The government will also try a new immigration policy, special taxation for angel investors, and the establishment of a new board on the stock market for emerging industries. The city plans to encourage university faculties and students to be entrepreneurs and help turn their ideas into products. As the country's economic powerhouse, Shanghai has already set another goal of becoming an international financial, shipping and trade center by 2020.

 

Last year, Shanghai poured 3.6 percent of its GDP into R&D—almost double the average rate for the rest of the country.