This file photo shows a view of Grand Neobay, an innovation-driven function area in the central part of the city. [Photo provided to chinadaily.com.cn]

In an attempt to facilitate the development of new quality productive forces and nurture new economic drivers, the Shanghai municipal government released on July 11 a set of 20 measures for the development of Grand Neobay, an innovation-driven function area in the central part of the city.

The new measures have covered five major topics, namely strengthening high-quality basic research, accelerating the application of research results, further stimulating companies' innovation, providing more support for innovation activities and becoming more dedicated to scientific innovation.

Covering a total of 17 square kilometers, the Grand Neobay grew from an innovation hub established in 2015 to an important innovation function area in Shanghai. To date, more than 4,000 advanced technology companies have set up operations in the area, including 130 firms with their respective market value of over 100 million yuan ($13.8 million).

According to the new measures released on July 11, the municipal government will provide substantial support for the development of cutting-edge technologies such as synthetic biology and quantum technologies in the Grand Neobay. A maximum 3-million-yuan reward will be given to a project that has received national support.

Meanwhile, independent research and development as well as market-oriented application of high-end scientific instruments, scientific research reagents and basic software will be supported.

To facilitate the application of major scientific and technology research results made both at home and abroad, a maximum of 30 million yuan of start-up funds and up to 20 million yuan of equity or debt-to-equity funds will be provided to meet the need for equipment purchases or venue searching.

A maximum of 30 million yuan subsidy will be given to industry leaders to set up large companies' open innovation centers so that small and medium-sized enterprises can catch up in terms of technology innovation.

The newly released measures will help build the Grand Neobay into an internationally first-rate innovation cluster that is comparable to the world-renowned hubs such as the Silicon Valley or Zhongguancun Science Park, according to officials from the Science and Technology Commission of Shanghai Municipality.