Innovate UK helps UK innovators launch, build and grow successful businesses. Innovation is vital to future growth. As 95% of R&D and innovation takes place outside the UK, UK businesses need to access global knowledge, markets, skills and partners. Companies that internationalise have strong growth.
Shanghai is historically a commercial and financial centre of China. Shanghai is not only the leading container port in China, but also the busiest container port in the world. In 2015, 67.8% of Shanghai’s GDP was attributed to services industries. The top 3 largest industries were financial services, retail and wholesale and real estates.
Shanghai is a global hub for the life sciences with 13 of the world’s top 20 pharmaceutical companies by turnover having established R&D operations there. There are 55 universities in the municipality including 2 of China’s elite ‘C9’ universities. Many major UK companies, including GSK, AstraZeneca, Unilever and Dyson, have established R&D facilities in Shanghai.
Shanghai plays a key role in China’s heavy industries. Baosteel Group, China’s largest steelmaker, and Fosun Group, one of China’s largest private steelmakers, are both headquartered in Shanghai. Auto manufacture is another important industry. Shanghai’s output of motor vehicles reached 2.43 million in 2015, accounting for 10% of the national total. Shanghai is also a leading producer of ethylene, plastics, microcomputers, integrated circuits and mobile phones.