Tech innovation PV fund to be launched

Shanghai Zhangjiang Hi-Tech Park Development Co Ltd said in a public announcement that it will raise the initial 6.5 billion yuan ($950 million) capital for a technological innovation private equity fund that it has set up with six partners including the Shanghai International Group.

The fund will be invested in sectors related to the Made in China 2025 initiative such as information technology, biomedical, advanced manufacturing and new energy. The city's high tech industrial parks are expected to benefit from the fund. The private equity fund is expected to manage a total of 30 billion yuan in the future.

Business zone to get major facelift

Xujiahui, Shanghai's first modern urban business district, is about to receive its biggest upgrade in 25 years, reported the Shanghai Observer. According to the plan, all the major buildings in the area will be linked with elevated corridors and the locality will become more comfortable and eco-friendly upon the completion of the project in 2021. The last major upgrade of Xujiahui, which has since the early 2000s become a local fashion hotspot, took place in 1992.

Debates on professor's low salary

The image of a pay slip of a Chinese literature professor at Fudan University that has been making its way around the Internet has triggered controversy among Chinese netizens, many of whom are saying he is not being paid enough, according to the Shanghai Observer.

The pay slip shows the professor takes home just 8,272 yuan ($1,209) despite earning 15,335 yuan. In contrast, the average monthly salary of a confinement nurse in Shanghai is more than 10,000 yuan. The average monthly wage in Shanghai was 6,504 yuan as of last year.

(China Daily USA?06/02/2017 page7)