Goal of 100 firms on ChiNext
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Shanghai aims to help at least 100 small and medium-sized enterprises in the city get listed on China's Nasdaq-style board, ChiNext, this year, said city's Vice Mayor Ai Baojun yesterday.
Providing assistance to the SMEs, especially high-tech and innovative firms, is an important part of the city's plan to restructure its economy, Ai said at a meeting.
Meanwhile, the output of the city's information industry is expected to jump 20 percent annually to 25 billion yuan (US$3.6 billion) this year, much faster than the targeted 5 percent rise for the manufacturing industry, according to officials at the Shanghai Commission of Economy and Informatization.
"This year is key to Shanghai's transformation into a services-led economy," Ai said. "The government is determined to revamp the city's economic structure and accelerate the pace for it to grow into a global financial and shipping center."
Shanghai will provide financial aid to 200 start-up companies this year and give subsidies to more than 3,000 SMEs, Ai said, without revealing details of the help.
During the annual session of the Shanghai People's Congress and the Shanghai Committee of the Chinese People's Political Consultative Conference, Mayor Han Zheng urged the government to provide more efficient services for private firms, the driving force to accelerate economic revamp, and be bolder to help high-tech and innovative firms.
Wang Jian, chairman of the commission, said it will focus on the commercialization of high technology this year and to guarantee the safety of information at this year's Shanghai World Expo.
"The city's construction of the information infrastructure, especially the 3G network, will get a big boost this year," Wang said, adding that "information security (at the Expo) is an essential part."
Shanghai's services sector grew 12.6 percent annually last year, much faster than that of manufacturing which rose 3.1 percent, and agricultural industry which contracted 1.1 percent.
Shanghai's services output accounted for 59.4 percent of the city's total output last year.
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