Shanghai leads in technology and

Over the past decade, Shanghai’s total investment in research and development (R&D) has nearly tripled to 181.98 billion yuan (US$25.95 billion). The city’s comprehensive performance in technology and innovation is impressive by global standards, officials said Tuesday.

In the ten-year period from 2012 to 2021, Shanghai’s R&D investment increased from 67.95 billion yuan to 181.98 billion yuan, while the R&D expenditure intensity, that is, expenditure on R&D as a percentage of gross domestic product (GDP), in the same period from 3, 31 percent to 4.21 percent. This was announced by Xu Feng, party secretary of the city science and technology commission.

Technology as an endogenous force drives the city’s high-quality development, making it one of the most important innovative cities in the world. According to the “Global Innovation Index 2021” published by the World Intellectual Property Organization (WIPO), the east Chinese metropolis currently ranks eighth among the world’s top 100 science and technology clusters.

Over the past decade, a number of companies involved in technological innovation have grown at a rapid pace. At the end of August, 71 Shanghai-based companies were listed on China’s Scientific and Technological Innovation Stock Exchange (STAR ​​Market). Their total market capitalization is more than 1.4 trillion yuan.

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