Yan Zhen/Shanghai Daily news

Fudan University stages a musical fireworks show at its new Jiangwan Campus last night, part of a series of activities held to mark the 100th anniversary of the prestigious Shanghai school. — Zhang Suoqing

Shanghai government promised to invest more of its revenue into education, expecting local universities to function as intellectual engines for the city's development.
The statement of purpose came yesterday from Mayor Han Zheng as he addressed the University Presidents Forum, which is part of Fudan University's 100th anniversary celebration.
More than 130 presidents from world-renowned seats of learning, such as Yale, Oxford, the University of Sydney, the National University of Singapore and Tokyo University, gathered at the Fudan campus to discuss the interaction between city development and higher education.
Han said the city was expected to generate 420 billion yuan (US$52 billion) in revenue this year. After submitting a portion to the central government, 21 percent of the city's disposable revenue would then be invested in education.
"It's a large amount, but it's still not enough," Han said.
He added that city government would add more fixed-asset investment, such as land and research facilities, to support the development of local universities into world-class institutions.
Citing fudan University's new Jiangwan campus as an example, Han said the city government never hesitated on its decision to set aside 1 million square meters of land for Fudan. The land, which was offered free of charge to the university, has a market value of 10 billion yuan, he noted.
The city's pledge for increased funding was applauded by university presidents from home and board.
Wang shenghong, president of Fudan University, said the government's support was the best gift for the school's centennial. In his keynote speech, Wang also noted that universities should function not only as engines for knowledge and innovation but also as fountainheads for urban culture.
For john Hood, president of the University of Oxford, the major contribution a university makes to a city's development should be the education of future leaders and citizens.
Richard levin, president of Yale University, said investment in fundamental scientific research can bring direct positive results to universities.
"Universities need funding to support their scientific activities; they could not thrive without government investment. That's critical to a university's reputation," Levin said.
"Actually, I should consider moving Yale to Shanghai for the sake of the large government investment," he joked.