Shanghai will be Silicon Valley’s first competitor as a technology innovation center over the next four years, thanks to its focus on its financial and digital strengths, KPMG Group said yesterday.
43% of respondents to the KPMG survey felt that the global center for technological innovation is likely or very likely to move from Silicon Valley to another country over the next four years. The survey was conducted with 90 leaders in the technology industry in China and 168 in the United States.
Shanghai was selected by 25% of respondents as the leading rival of Silicon Valley as a leading technology innovation center, ahead of New York, Tokyo, Beijing and London.
“China’s economic transformation stimulates the creation of new growth drivers, new industries, new institutions and new opportunities in technology and innovation,” said Egidio Zarrella, Head of the Department of Customers and innovation for KPMG China.
“Shanghai ranks first in the world as a technology leader of the future with strong regional leadership in the financial markets and many high-tech parks in Pudong.
Shanghai, with a growing number of digital media and entertainment companies, is expected to be among the world’s leading innovation centers in the coming years, “he added.
The survey indicates that the Internet of objects, robotics, artificial intelligence and biometrics are technologies necessary for the transformation of industries and enterprises.
Shanghai received central government approval last year for the construction of a global center for technology and innovation that will be completed in 2020.
This year, the city will build the Zhangjiang Comprehensive National Science Center (Zhangjiang Global National Science Center). This will be hosted in Zhangjiang Hi-tech Park, a special area of Pudong New District fully dedicated to high technologies.