(Yicai Global) Feb. 27 -- Shanghai’s government today unveiled an action plan with various targets for Greater NeoBay, a local science and technology innovation park.

The action plan proposes that by 2035, Greater NeoBay will develop a cluster of high-tech enterprises with market values of more than CNY 1 trillion (USD 144 billion) each. It also aims for the park to deliver a number of original achievements in basic and applied basic research as well as breakthroughs in key core technologies.

Located in the city’s Minhang district, Greater NeoBay has been under construction since 2015. With a core area of about 17 square kilometers, it is surrounded by well-known universities including Shanghai Jiaotong University and East China Normal University. More than 3,000 science and tech firms have settled there so far.

At the press conference to launch the action plan, Shanghai Vice Mayor Liu Duo, said that the park should play a leading role in scientific and technological innovation.

To achieve the goals set out, the plan requires the number of high-tech enterprises in Greater NeoBay to exceed 600 by the end of this year and increase to more than 1,000 by the end of 2025, when the park’s annual output value will reach CNY100 billion (USD14.4 billion). 

According to the plan, Greater NeoBay will form three functional areas, collectively named CTO: the core source area (Core), the achievement transformation area (Transform) and the open innovation area (Opening).

The Core area relies on the resources of local universities and research bodies to provide support for technological and industrial innovation. The Transform area gathers hard tech startups founded by teachers and students from the universities to find the real application and develop the mass production capability of scientific research achievements. The Opening area focuses on undertaking the settlement of thriving high tech enterprises and scale up their production capacity further.

Shanghai’s action plan calls for Greater NeoBay to enhance its original innovation capabilities and cultivate tech business incubators with global influence. In addition, the level of industrial development will be improved to help create innovative leading enterprises.

Editor: Tom Litting