June 22, 2018

X-Summit for global innovation held in Waigaoqiao to promote technological industrial chain

The X-Summit Global Innovation and China was held in Waigaoqio on Wednesday to share global innovators’ experience in developing technological industrial chain and in expanding technological and innovation industries’ scale.

At the summit, the Shanghai Free Trade Zone Trans-Border Technology Innovation Center and China (Shanghai) Pilot Free Trade Zone Offshore Entrepreneurial Base for Overseas Professionals were official unveiled.

Also, more than 100 international companies demonstrated their innovation projects and many of them have chosen Shanghai as their entrepreneurial base.

Franklin Urteaga, former White House tech advisor, said China is on its way of becoming a tech giant and Shanghai is its gateway, attracting a large volume of innovation teams, and its potential for innovation growth is foreseeable.

Three roundtable forums were also held and many global industrial leaders gave their comments on the development of Shanghai FTZ in the middle of global innovation, biomedicine industry and new energies and intelligent manufacturing.

Li Zhaojie, deputy director of Shanghai FTZ administration, said Shanghai’s local developing entities and the zone’s technological innovation companies can take the opportunity of the summit to further strengthen their cooperation with globally-renowned technology and research institutes, dock with advanced technologies and industries, and attract more quality technological innovation to settle in the FTZ.

While the zone is expanding its physical space, the financial industries in the zone are also promoting industrial upgrade through integration of the financial industrial chains.

As one of the hosts of the summit, Quantity Valley (Shanghai), one of China’s first comprehensive financial town’s content operators, has already settled in the Waigaoqiao bonded area, specializing in trans-border distinctive technological and innovative industries’ incubators.

Lou Junlong, co-founder of Quantity Valley, the company chose Waigaoqiao as its base because of the zone’s regional cross-border services. The company would like to combine industries and focus on industrial finance. Also, there is still a lot of potential for docking with foreign capitals in the zone. Quantity Valley is a platform that is capable of finding and incubating quality projects overseas.

Liu Hong, chairman of Shanghai Waigaoqiao Free Trade Zone Group Co, said the next most promising investment opportunity lies in China’s rising in the global capital structure and China’s mass entrepreneurship and innovation.