(ATF) – Shanghai has a launched an initiative to foster Silicon Valley- style development of the city’s tech industries.
The municipal government released an outline plan on Monday that it hopes will lure investment that can create digital economy giants to rival the likes of Google and Apple in the US.
It also wants to harness artificial intelligence to build futuristic products and works processes, including interconnected factories and robot-only production sites.
The city “Plan of Action for Promoting Online New Economic Development (2020-2022)" will seek to create hundreds of innovative enterprises, application scenarios, brand products, breakthroughs and key technologies.
It will focus on 12 development priorities, including unmanned factories, interconnected industrial internet of things (IIoT) and online medical treatment.
The government also amended financial supervision regulations to promote construction of an international financial centre.
The regulations will come into force on July 1 and aim to standardise the practices of financial organisations, safeguard the legitimate rights and interests of financial consumers and investors as well as limit and resolve financial risks.
The regulations’ six chapters and 43 articles will for a "basic law" of financial supervision in the city, according to a government announcement. It will cover the behaviour of financial firms, supervision and management measures, risk prevention and the legal responsibilities of local financial organizations, according to the announcement.