Shanghai's SOEs to invest US$121b yuan annually to develop innovative products Shanghai’s state-owned enterprises will invest around 800 billion yuan (US$121 billion) annually over the next five years to develop innovative products and enhance efficiency, the government said today. The investment will be channeled into high-tech industries such as digital technologies, renewable energy and new materials to enhance Shanghai SOEs’ competitiveness, said Jin Xingming, director of the State-owned Assets Supervision and Administration Commission of Shanghai at a press conference.

In August, the city signed a collaborative agreement with SASAC under which centrally-administered SOEs would invest 220 billion yuan in over 20 projects in Shanghai to help accelerate the city’s development into a global innovation hub.