Shanghai officials brief the media on the city's economic development, Jan 16, 2025. [Photo/chinadaily.com.cn]

Shanghai witnessed significant progress in science and technology innovation in 2024, with substantial growth in key indicators, according to a news conference held by the Shanghai Municipal Government on Jan 16, 2025.

The city saw a surge in high-tech enterprises, exceeding 25,000, alongside a 7.2 percent year-on-year increase in technology contract turnover, reaching 520 billion yuan ($70.97 billion). The revenue from the technology service industry is projected to have grown by 9.2 percent, a senior official said at the conference.

Luo Dajin, director of the Shanghai Municipal Commission of Science and Technology, highlighted the city's commitment to becoming a global hub for science and technology innovation.

The city has prioritized strengthening its strategic technological capabilities, focusing on establishing national laboratories, research institutes focused on mathematics and interdisciplinary studies, and a synthetic biology innovation center.

Luo also emphasized the city's commitment to fundamental research, citing an 11 percent allocation of total R&D expenditure to this area.

Reflecting this commitment, scientists in Shanghai contributed 30 percent of all research papers from the nation published in top international academic journals, including Cell, Nature and Science.

The city has also focused on optimizing its environment for innovation and entrepreneurship, fostering a robust ecosystem to support technological advancement and its translation into economic growth.

As of the third quarter of 2024, the balance of loans to technology-based enterprises in Shanghai reached 1,259.62 billion yuan, representing a substantial year-on-year increase of 33.66 percent, or 317.18 billion yuan.

Shanghai also takes the lead nationwide in the number of companies listed on the technology-focused STAR Market, with 93 companies boasting a total market value exceeding two trillion yuan.

Underscoring this environment, the Hurun Report recognized Shanghai as a leading hub for startups, with the city welcoming 10 new unicorns in 2024, the highest number nationwide. Shanghai now boasts a total of 65 unicorn companies, ranking second in the country. Additionally, Shanghai surpasses San Francisco with 67 gazelle companies, securing its position as a global leader.

"Moving forward, Shanghai aims to solidify its role as a source of technological innovation, promoting the deep integration of scientific and technological advancements with industrial innovation," Luo said.

"The city is committed to comprehensively deepening reforms in its scientific and technological systems and mechanisms, striving towards the realization of an international center for science and technology innovation, ultimately contributing to the development of new-quality productive forces."