Shanghai will establish a city-level organization by the end of this year to support the local software and information technology service industry.
According to the Shanghai Economic and Information Technology Development Commission, Shanghai’s software and IT service industry is set to generate a revenue of RMB360 billion ($52.9 billion) in 2012, a surge of 74% compared with the expected revenue of RMB210 billion in 2009,
China will implement policies nationally to support large-scale IT services firms which plan to launch initial public offerings or company bonds in the domestic market, the People’s Bank of China said on its Website, without giving more details.
Shanghai Daily reported that through the new organization, Shanghai will establish 10 IT service and software industry zones by 2012, double the current number. About 400,000 people will work for the local industry then, which is expected to account for 6% of the city’s gross domestic product. Which, given the current growth rate, seems more than possible.