CHANGNING District Finance Bureau will allocate 2.45 billion yuan (US$377 million) in 2016 to push economic vitality and accelerate economic transition.

The fund will be used to stimulate economic transition. The district will continue to develop modern service industries like aviation services. It will also boost emerging Internet industries by developing Internet finance, big data industry and space for group innovation.

The fund will be used to promote the fostering of talent. Focusing on the establishment of science and innovation centers in Shanghai, the district government will carry out city-level talent policies, help high-level talent settle down in the district, reward them, and enact various talent policies.

The fund will also be used to ease financing for small- and medium-sized enterprises. Responding to the municipal government's call for setting up "policy-based financing guarantee fund for micro-, small- and medium-sized enterprises," the district government will guarantee improved financing those enterprises.

The fund will also be used to guide industrial development. The district government will exert the leverage effect of financial fund and attract social capital to key industries like modern service industry and fashion, innovation and cultural industry.