Shanghai plans to invest 450 billion yuan (US$54.22 billion) in fixed industrial assets in the next five years in order to let the city keep leading the country in comprehensive industrial competitiveness.
This was learned from a recent municipal conference on industrial technological progress and innovations.
The conference sources said that spending on industrial technological development will be gradually increased until it accounts for four percent of the total sales revenue.
Greater efforts will be made to ensure that technological progress contributes over 55 percent to the city's industrial economy, and new products will make up 30 percent of the municipality's total output value.
Meanwhile, a new organization, the Shanghai Municipal Industrial Science and Technology Commission, has been inaugurated in Shanghai to streamline the work.
(Xinhua 08/13/2001)
