(Yicai Global) July 8 -- The Shanghai government will foster the growth of new industries, such as low carbon, the metaverse and smart terminals, in order to cultivate new economic growth drivers with the aim of achieving an industrial scale of CNY1.5 trillion (USD224 billion) by 2025.

Shanghai’s low-carbon industrial scale should exceed CNY500 billion (USD75 billion) by 2025, made up of two CNY100 billion, five CNY10 billion and several CNY1 billion industrial clusters, according to a plan released by the Shanghai government today. The city will focus on fostering 10 top low carbon enterprises.

Metaverse enterprises should be worth CNY350 billion (USD52.2 billion). This in turn will drive the city’s software and information service sector to CNY1.5 trillion and its electronic information manufacturing industry to CNY550 billion. The municipality will strive to build 10 internationally competitive firms.

The size of the intelligent terminal industry should top CNY700 billion. There should be no less than two companies with revenue of CNY100 billion and at least five companies with earnings of CNY10 billion. The metropolis plans to create more than 100 smart end device products across 10 application scenarios such as transportation, elderly care and medical care.

Last week, Shanghai released its 2022 Industrial Map, hinting at its future commercial priorities. Of the 13 industrial parks to be built this year, seven are for new industries. There will be two low carbon parks, two metaverse parks in Xuhui district and Zhangjiang in Pudong New Area, as well as three intelligent terminal parks, namely the Shanghai Jingu Intelligent Terminal Manufacturing Base, the Power Source and the Hongqiao Digital Logistics Equipment Hub.

Editor: Kim Taylor