Software, IT service industry fuels Shanghai's economic growth

Shanghai's software and information technology services sector has become a key driver of the city's economic growth, fueled by favorable industry policies and robust innovation.

In the first half of the year, the sector's total revenue reached 871.8 billion yuan ($121.26 billion), up 22.4 percent year-on-year.

This figure accounted for 13.9 percent of Shanghai's GDP and contributed 1.7 percentage points to the city's overall economic growth.

The industry is poised for further expansion with the introduction of new incentive measures, such as subsidies for computing power and software application, which took effect on July 1.

The new incentive measures are rolled out to reduce core costs related to computing power, large models, and data, enhancing Shanghai's competitiveness as a global tech hub.

"The policy delivers immediate savings and long-term benefits," said a representative from Shanghai-based technology company Intsig Information.

Regional support is also available, particularly for specialized and innovative small and medium-sized enterprises.

Jing'an district offers service packages for enterprises going global, while Pudong New Area provides a support fund of up to 50 million yuan for newly introduced enterprises.

Beyond leveraging preferential policies, local companies are driving up industrial upgrades through innovations.

Tophant, an enterprise established in 2014, has evolved into a leading company for cybersecurity, providing innovative solutions for multinationals and government agencies.

Intsig's system for automatic document processing, widely adopted in credit audits and international settlements, has boosted efficiency by 300 percent for financial institutions.