Shanghai's high tech progress pushes forward city development

As one of China's leading cities in the adoption of reforms, Shanghai has created a new path of high-tech development.

This is represented in Shanghai's new free trade port, which is expected to hit the highest standards of global trade openness.

Shanghai is evolving into one of the biggest commercial cities in the world. [Photo: toutiao.com]

According to a Shanghai city planning document, the scale of artificial intelligence in Shanghai will reach 100 billion yuan, or 15 billion dollars, by 2020.

AI will be applied in intelligent manufacturing, modern finance, business service, modern logistics and agriculture.

AI is said to be becoming a new economic growth point for Shanghai.

Fei Xufeng, CEO of company which creates educational robots, says policies like this give him and other high-tech businesses a lot of confidence.

"Last month the Shanghai municipal government invested 200 million yuan in artificial intelligence. The government's support for innovative companies has given us a lot of confidence. It is also the reason that many innovative individuals are willing to stay in Shanghai," Fei said.

Up until September of this year, intelligent manufacturing has become a 16 billion yuan, or 2.4 billion dollar, industry in Shanghai, with year-on-year growth of some 40 percent.

Intelligent manufacturing industry is surging and turning into a pillar industry of Shanghai's economy. [Photo: baidu.com]

After years of economic structural adjustments, the service industry now acccounts for around 70 percent of Shanghai's economy.

Shi Lei, professor of economics at Fudan University, says further upgrades to Shanghai's development layout and technological innovation should be merged into Secondary and service industries.

"The link of the internet with commerce, logistics and services will form a new situation. It can take the shape of an advantage depending on high quality development instead of previous high quantity development. This is where Shanghai should focus to make the transition from one to the other," Shi noted.

Shanghai's Pudong new area is home to China's first ever free trade zone.

A further move will see a free trade port to be set up there.

Officials in Pudong say the free trade port will meet the highest standards of world trade openness.

Shi Lei with Fudan University says Shanghai should also integrate its natural advantages to help push forward free trade.

"Internationalization can help Shanghai grasp more development opportunities. Shanghai's port trade is very mature now. Meantime a tri-dimensional logistics system covering land, water and air, together with internet plus, has developed virtual logistics. In addition, Shanghai benefits from the prosperous Yangtze River Delta and in turn benefits the delta as a whole. This sets good example for China," Shi said.