Shanghai tax support fuels strong start for sci-tech industry in 2026

VAT invoice data released by Shanghai tax authorities shows strong growth in Shanghai's sci-tech sector in the first two months of the year: high-tech industry sales revenue rose 17% year-on-year, with high-tech services up 23%, research and technical services up 28.9%, and digital economy core industries up 9.3%. HiNAV, a high-precision spatiotemporal information company, posted revenue of 810 million yuan in the two months, up 39% year-on-year, with R&D spending at about 15% of sales for four consecutive years. In the digital economy, MiniMax large models from Xiyu Technology performed prominently in the global AI open-source project OpenClaw, ranking among the top three globally in usage. To support AI firms, Shanghai tax authorities set up a dedicated service team that uses face-to-face meetings to guide AI companies in strengthening tax risk management and compliantly enjoying policy benefits, helping enterprises focus on innovation and supporting the construction of a national AI hub.