Foshan to further technological upgrading in industry

Foshan city in Guangdong province recorded industrial technological upgrading investment of 58.85 billion yuan ($8.89 billion) in the first three quarters of this year, up 30.9 percent year-on-year and leading all the cities in the province.

The city has secured the top position in the past few years, as smart manufacturing is identified as a key to transforming the city's massive manufacturing sector, said Mayor Zhu Wei.

The city authorities plan to lower comprehensive costs of manufacturing enterprises in the city by 38 billion yuan this year to help boost their competitiveness, following a 28 billion yuan reduction last year.

The city is set to meet this year's goal of having research and development departments at 40 percent of the 6,000 sizable industrial firms and at all industrial firms with core business revenue of at least 500 million yuan.

Zhu said that to better cultivate and introduce high-level innovative talents, the city will issue related measures in its No 1 circular early next year.