The Chinese city unveils incentives to attract FinTech companies and talent
- Shanghai’s municipal government has set a five-year goal to develop and nurture FinTech research and innovation.
- The announcement throws down the gauntlet to neighbouring Hangzhou city, home to some of China’s biggest tech companies.
- Shanghai has promised to cut the enterprise tax on hi-tech companies to 15 per cent, from the standard 25 per cent.
What does this mean?
The ambitious five year plan is in line with China's national goals to reduce its reliance on foreign technology and ramp up innovation applications related with big data, artificial intelligence, blockchain and 5G.