Sci-tech bay to be hub of enterprise innovation

Shanghai's Grand Zero Bay, a new area for promoting science and technology innovation, is expected to be home for more than 600 high-tech enterprises by the end of this year, according to its construction plan.

Meanwhile, there will be more than 70 enterprises with an estimated value of more than 100 million yuan ($14.3 million) each at the bay, which is located in the city's Minhang district, according to the plan published by the municipal government on Monday.

There are two prestigious institutions of higher education — Shanghai Jiao Tong University and East China Normal University — more than 10 scientific research institutes specializing in aerospace, aviation and shipbuilding, and more than 20 State key laboratories within the 17-square-kilometer bay.