Shanghai Unveils Measures to Accelerate the Development of the “Grand Neobay” Innovation-driven Function Area

On July 2, 2024, Shanghai Municipal People’s Government released the Measures for Accelerating the Development of the “Grand Neobay” Innovation-driven Function Area (the “Measures”), which outline 20 measures in five aspects. The Measures will come into effect on July 11, 2024.

The Measures propose to support enterprises in increasing investment in research and development (R&D), encouraging industry leaders to set up large companies’ open innovation centers with a maximum of 30 million yuan subsidy, or up to 30 percent of their total investment in R&D. They are also supported in conducting R&D of key generic technologies with a maximum of 30 million yuan start-up funds, or up to 30 percent of their total R&D investment.