The municipal government of Shanghai has named 241 enterprises as specially rewarded companies for their contribution to the city's campaign of upgrading industrial scale and improving quality last year, according to official sources.

The companies accounted for more than 54 billion yuan in Shanghai's industrial output value in 2023, or 0.6 percentage point, said Xu Ming, an official from the Shanghai Commission of Economy and Informatization during a news conference on April 18.

According to Xu, companies on the list will be rewarded in accordance with the three-year action plan on industrial companies' scale upgrading and quality improvement published in October 2023.

The Shanghai Commission of Economy and Informatization looked to guide 1,000 enterprises to scale up their size into designated-size enterprises in three years, so as to have more than 10,000 designated-size enterprises in the city by 2025.

A designated-size enterprise refers to one with annual revenue of 20 million yuan or above.