Shanghai has announced that it will establish a city-level organization by the end of 2009 to support the local software and information technology service industry.
As part of the plan, Shanghai will establish 10 IT service and software industry zones by 2012. This will double the current number.
It is also expected that around 400,000 people will work for the local IT industry, accounting for 6% of the city’s gross domestic product. In addition, Shanghai will establish a fund to support IT innovation and lend assistance to IT enterprises in obtaining bank loans.
According to the Shanghai Economic and Information Technology Development Commission, Shanghai’s software and IT service industry is expected to generate RMB360 billion (US$52.9 billion) in revenue by 2012. This would be a massive 74% increase over the expected revenue of RMB210 billion in 2009.
IT Business Net quoted extensively from Lehman, Lee & Xu which is a prominent Chinese corporate law firm and trademark and patent agency with offices in Beijing, Shanghai, Shenzhen, Hong Kong, Macau and Mongolia. The firm is recognized as a leading expert in corporate law and an active member of the Shanghai community.