Shanghai’s northeastern Yangpu district, once known for its heavy industries, is offering cash subsidies worth up to RMB 15 million ($2.1 million) to attract hi-tech firms as a way of turning its 15.5km riverside area into an innovation belt, reports the South China Morning Post. The zone will become a demonstration area for mainland China’s financial and commercial hub as it pursues further economic growth, said Xue Kan, Communist Party secretary of the district.
“Development of the riverside area guided by the principles of high quality, efficiency and dynamism will be accelerated so that it will become a showcase of a new economy driven by innovation,” Xue told an investment conference last week.
Yangpu, with a population of 1.2 million, has been trying to transform itself into a hub for technological innovation since 2020. It is banking on its educational resources, such as the key national universities of Fudan and Tongji, both of which are located around the district’s Wujiaochang area.