Rise of Shanghai's Science and Technology Innovation Center: Financial Empowerment Driving Technological Leadership

Rise of Shanghai's Science and Technology Innovation Center: Financial Empowerment Driving Technological LeadershipThe latter half of 2024 will see four major tech events taking place in global hubs of innovation: TechCrunch Disrupt in San Francisco, Japan's High-Tech Expo in Tokyo, Shanghai's InclusionBund Summit, and Singapore's Fintech Festival. These conferences are not merely held in leading innovation centers but have become integral parts of their respective cities' ecosystems, serving as flagship events

Rise of Shanghai's Science and Technology Innovation Center: Financial Empowerment Driving Technological Leadership

The latter half of 2024 will see four major tech events taking place in global hubs of innovation: TechCrunch Disrupt in San Francisco, Japan's High-Tech Expo in Tokyo, Shanghai's InclusionBund Summit, and Singapore's Fintech Festival. These conferences are not merely held in leading innovation centers but have become integral parts of their respective cities' ecosystems, serving as flagship events. Among them, Shanghai's InclusionBund Summit has garnered considerable attention, poised to provide sustained momentum for Shanghais aspirations of becoming a globally influential international financial and technology innovation center.

In recent years, Shanghai has achieved remarkable progress in scientific and technological innovation, establishing itself as a prominent global innovation center. The 2024 Global Innovation Cities Index Report by JLL placed Shanghai sixth in the world for innovation output, surpassing other renowned innovation hubs such as London and Singapore.

The rise of Shanghai's science and technology innovation center is attributed to its unique strengths. As a long-standing international financial center, Shanghai boasts a sophisticated financial system and a concentrated pool of financial institutions, solidifying its position as a crucial global economic hub. A decade ago, Shanghai adopted an innovation-driven development strategy, aiming to become a globally influential center for technological innovation.

To achieve this goal, Shanghai has implemented a series of measures:

• Increased investment in scientific research and development: Shanghai continues to increase investment in scientific research and development, driving the advancement of technological innovation.

• Optimization of the scientific and technological innovation environment: Shanghai relentlessly optimizes its scientific and technological innovation environment, providing a conducive space for the growth of innovative enterprises and institutions.

• Perfection of scientific and technological innovation mechanisms: Shanghai proactively refines its scientific and technological innovation mechanisms, encouraging the transformation and commercialization of scientific and technological achievements.

• Attraction of scientific and technological talent: Shanghai actively attracts global scientific and technological talent, providing intellectual support for the development of its science and technology innovation center.

The implementation of these measures has effectively accelerated the incubation and growth of innovative enterprises and institutions in Shanghai. The number of high-tech enterprises in Shanghai has skyrocketed from 5,433 in 2014 to 24,000 in 2023. The number of PCT international patent applications has also increased from 1,038 in 2014 to 6,185 at the end of 2023, showcasing Shanghai's significant progress in intellectual property innovation and global competitiveness.

Take Alipay (China) and Ant Chain, both headquartered in Shanghai, as examples. In 2023, these two companies filed a combined total of 420 patent applications. As a global pioneer in mobile payments, Alipay introduced its innovative "Tap to Pay" technology in 2024, once again leading a new wave of upgrades in global payment experiences.

The rapid development of scientific and technological innovation in Shanghai is facilitated by the maturity of its financial market. Shanghai leverages the synergistic advantages of finance and technology, creating a virtuous cycle system where technology, industry, and finance mutually reinforce each other. This system provides fertile ground for cultivating an innovation ecosystem.

Last year, the InclusionBund Summit held in Shanghai received extensive media coverage both domestically and internationally, earning recognition as "one of the top three fintech summits in Asia." As a city with a robust financial foundation, Shanghai is fostering mutually beneficial growth between its two core strategies: technology and finance.

Simultaneously, emerging technological forces driven by inclusivity and a commitment to doing good are infusing Shanghai's science and technology innovation center with a unique essence.

The highly anticipated 2024 InclusionBund Summit will be held from September 5th to 7th, 2024, in the Shanghai Huangpu World Expo Park. This year's summit, themed "Technology Creating a Sustainable Future," is meticulously designed with a grand opening forum, 36 open insight forums, and over 10 innovator stage events. The summit will bring together over 2,000 industry leaders and 500 authoritative speakers who will engage in in-depth discussions on topics such as "New Practices in AI Industry," "New Explorations in Fintech," and "New Reflections on Science and Humanities."

The summit aims to create a high-end platform for international exchange and the integration of science and humanities, providing sustained momentum for Shanghai's development as a globally influential international financial and technology innovation center.

The rise of Shanghai's science and technology innovation center is a perfect blend of financial empowerment and technological leadership. In the future, Shanghai will continue to leverage its financial advantages, drive technological innovation, and contribute to global economic development.

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