Shanghai has formed a RMB 500 million ($70 million) fund to boost its drone industry and lure drone makers to the city with subsidies and preferential policies. Why it matters: Shanghai aims to become a global tech powerhouse. The city has already laid out plans to become an artificial intelligence hub and has set its sights on becoming a world "e-sports capital." Details: Shanghai's Jinshan District has implemented 18 policies to attract businesses to the city, including covering up to 20% of a firm's budget to build research and development centers in the city. Context: Jinshan hopes to attract up to 100 domestic and international drone makers by 2021.