April 19 2023

Districts in Shanghai Encouraged to Reward Firstly Recognized High-tech Firms

The General Office of the Shanghai Municipal People's Government released on April 19, 2023 the Several Guidelines on Further Delegating Power to Boost Science and Technology Innovation, which will take effect on April 20, 2023 and remain valid until April 19, 2028.

The document stressed the need to enhance the R&D capabilities of technology-based small and medium-sized enterprise ("technology-based SMEs"), urging to foster a number of technology-based SMEs that have strong R&D capabilities, high technical level and intensive network of scientific and technological talents. It encourages various districts in Shanghai to support technology-based SMEs to improve their R&D capabilities by funding them to conduct technological innovation, and reward those enterprises that are recognized as hi-tech ones for the first time and are within the validity periods. It also supports the development of incubators for technology-based SMEs, stressing establishment of a linkage between investment and incubation to enhance the service capacity of the incubators.