Shanghai's state-owned enterprises will invest around 800 billion yuan (1 billion) annually over the next five years to develop innovative products and enhance efficiency, the government said yesterday.
The investment will be channeled into high-tech industries such as digital technologies, renewable energy and new materials to enhance Shanghai SOEs' competitiveness, said Jin Xingming, director of the State-owned Assets Supervision and Administration Commission of Shanghai at a press conference.
In August, the city signed a collaborative agreement with SASAC under which centrally-administered SOEs would invest 220 billion yuan in over 20 projects in Shanghai to accelerate the city's development into a global innovation hub.
SOEs in the city have spent over 110 billion yuan in research and development since 2013. They have also been encouraged to be listed and reform their management models and structures to enhance efficiency.
A total of 16 SOEs in Shanghai have been listed abroad while 338 Shanghai SOEs have adopted mixed ownership by offering shares to employees since 2014.