Shanghai to build ‘brand economy’

Source: Xinhua | 2017-07-28

SHANGHAI aims to revive time-honored brands and forge new ones in manufacturing and innovation, with the government playing a supporting role, executive vice mayor Zhou Bo said yesterday.

The government needs to create a sound business environment and drive reforms in state-owned sectors as Shanghai embarks on a path to build a “brand economy” to help the city’s economic upgrading.

“The government is not almighty, neigh can it do everything,” Zhou said on a radio program. “What the government can do is to build an environment. Efforts need to be made by various parties.”

In building a sound business environment the government needs to enhance protection of intellectual properties and crack down on fake products, Zhou said.

The government encourages innovation in time-honored brands that are mostly run by state-owned firms, and supports development of new brands in the auto, cultural innovation, and technology sectors.