(Yicai Global) March 21 --  Shanghai has encouraged overseas institutions to establish research and  development labs in the eastern megacity in order to upgrade Shanghai  to become a global R&D hub. 

Shanghai's municipal  government will offer support for foreign-funded companies and agencies  to locate their headquarters and research institutes in the city, as  well as tender for contracts regarding public projects, the  administration said in a conference yesterday. 

The city will encourage  local institutions to set up joint ventures with countries along the  Belt and Road initiative, which is President Xi Jinping's international  investment plan, in order to bid on public science and technology  projects, a document that was published at the meeting shows. It will  also allow privately owned tech companies to undertake government  research projects.

Shanghai will develop its  sci-tech innovation service sector, integrate resources, and improve  tech trade, in order to make Shanghai a key node in the international  technology network, the report added. 

Editor: Emmi Laine