Industrial upgrades planned for Shanghai

Shanghai released a new package of policies on Friday to facilitate the construction of industrial parks and bolster so-called strategically emerging industries.

Highlights included special industrial planning and land layout and prioritized investment promotion efforts in the online new economy, as well as the release of fiscal, financial and service support, according to a municipal government press briefing.

The policies aim to ease access for more major industrial projects to take shape in the city, making the speedy introduction of high-quality projects like that of Tesla's Gigafactory 3 to Shanghai "a new normal", said Wu Jincheng, director of the Shanghai Municipal Commission of Economy and Informatization.

Under the directive, the city has spared 108 square kilometers of space for the construction of 26 industrial parks. It also plans to set up a leading industrial fund totaling 100 billion yuan ($14.07 billion) on three major industries: integrated circuits, artificial intelligence and biomedicine.

For talents introduced for key investment projects, priority would be given to facilitate their household registrations, housing arrangements and children's education. Entrepreneurs and businessmen are also encouraged to bring in more investment projects, thanks to better incentives.