Shanghai: The Chinese financial hub of Shanghai has announced the establishment of a 10-billion-yuan ($1.41 billion) fund to nurture future industries. It aims to boost confidence in early-stage technology investment and accelerate the transformation of cutting-edge innovations into new quality productive forces.
According to the Science and Technology Commission of Shanghai Municipality, the fund is fully financed by the Shanghai government and has a term of 15 years that can be extended by an additional three years if required.
The Shanghai State-owned Capital Investment Co., Ltd. will lead the creation of a market-oriented platform to manage the fund. This is a key step as Shanghai continues its rapid ascent to becoming a global hub for scientific and technological innovation.
The announcement was made during the opening ceremony of the 2024 Pujiang Innovation Forum, which was co-hosted by China’s Ministry of Science and Technology and the Shanghai municipal government. The forum runs from Sept. 7 to 10.
The forum aims to delve into strategies to advance open collaboration in technology, integrate technology into the global innovation network and actively engage in and lead global technology governance initiatives.
This year’s forum focuses on “Towards an Open Environment for Scientific and Technological Innovation.” There will be discussions on cutting-edge topics like quantum technology, future materials, and scientific ethics. With participants from around the world, the forum will strengthen Shanghai’s position as a global innovation leader.
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