Shanghai Seeks to Boost High-Tech Firms' Funding, IP Rights With New Hub
Qian Tongxin|Ren Xiaozhang
/SOURCE : yicai
Shanghai Seeks to Boost High-Tech Firms' Funding, IP Rights With New Hub

(Yicai Global) Nov. 23 -- Shanghai  municipal government will set up a high-tech incubation space, complete  with funding, tax breaks, and help with patents.

Shanghai Science and Technology Committee  will support local science and tech firms through the establishment of a  high-tech cultivation library, Zhang Quan, director of the committee  said at a press conference where the municipal authority released a plan  of the hub. 

Firms may apply for financial support  valued between CNY200,000 (USD28,800) and CNY2 million (USD288,000),  which comes from the fiscal funds of district governments in Shanghai,  said Yuan Baiwei, an inspector at the Shanghai Municipal Finance Bureau. These companies may also enjoy tax breaks that can reach up to 75 percent of their research and development costs.

In order to qualify, corporations must  have independent intellectual property rights to their products, put at  least 3 percent of their revenues to R&D, and have at least 40  percent of their income coming from high-tech goods and services. 

Pudong-registered firms that function in  the fields including biomedicine, semiconductors, neuroscience, and  artificial intelligence, can use the fast channel in China Pudong  Intellectual Property Rights Protection Center to shorten their patent  application processes.

The protection of intellectual property  rights is inevitable for Chinese enterprises to go global, Yin Jie, the  managing partner of Shanghai Guohe Capital, said to Yicai Global.

A representative called Chen from medical  tech firm HiCling Technology said that the company applies for more  than 10 patents every year, but it takes three years to get approvals.  The fast lane for patents will have a great impact on high-tech firms,  he added.

Editor: Emmi Laine 

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Keywords: Innovation , R&D , Shanghai