Shanghai launches three-year plan to upgrade traditional industries

Shanghai released a three-year plan (2018-20) on April 10 to encourage traditional enterprises to seek technical improvement so as to advance the real economy.

The city will focus on intelligent, clustered, service-oriented, high-quality, and green projects.

In 2018, 200 demonstration projects will be launched in hope of driving enterprises above a designated size to carry out 1,700 technical improvement projects.

By 2020, the number of demonstration projects is expected to reach 600 and technical improvement projects done by enterprises above a designated size are expected to reach 5,000.

This year, the city will give key support to smart manufacturing, new energy vehicle and internet-connected vehicles, civil aviation and new generation information technology.

Enterprises will gain 25 percent higher financial support than before, according to the new policy.

Technical improvement helps promote industrial transformation and upgrading. For instance, INESA, a Shanghai-based smart city solution provider, achieved sales revenue of nearly 200 million yuan ($31.7 million) in 2017, an 11-fold rise from 2014 when technology had not advanced as far as it has today.

According to statistics, the proportion of Shanghai's investment of the total investment for industrial technical improvement rose from 47 percent in 2008 to 61 percent in 2017. The city gave support to 1,496 such projects from 2009 to 2017, investing a total of 232.1 billion yuan.

Shanghai releases a three-year plan (2018-20) on April 10 to encourage traditional enterprises to seek technical improvement so as to advance the real economy. [Photo/VCG]