Financial reforms carried out in Shanghai’s pilot free trade zone have boosted technological innovation, a zone official said yesterday.

“Financial reforms have been providing impetus for innovation, with technology firms taking policy advantages to expand funding channels and save on operating costs,” Zhu Min, deputy director of the zone’s management committee, said yesterday.

More than 400 enterprises in Zhangjiang High-Tech Park have opened around 1,000 free trade accounts for financing activities and mergers and acquisition in overseas markets, according to official data.

More than 180 venture capital firms have set up in Zhangjiang since the park was included in the zone in April, data showed.