Shanghai sees signing of 322 industrial projects worth $84b

Shanghai witnessed the signing of 322 major industrial projects totaling 565.8 billion yuan ($84.4 billion) on Thursday, signaling a fresh vote of confidence in the megacity.

A total of 90 newly secured projects are in line with the city's three strategic pillars, namely integrated circuit, biopharmaceuticals and artificial intelligence, with a combined investment value of 204.9 billion yuan.

The announcement was made during a global investment promotion convention, where some 48 major industrial projects totaling 162.7 billion yuan kicked off construction.

High-profile projects include SenseTime's 4 billion yuan investment on the second phase of an AI computing center, as well as the 3 billion yuan investment by Ascentage Pharma to construct a marketing center and a clinical medicine center.

Local authorities also mapped out new frontiers for future development. By 2025, the city is looking to have green and low-carbon industries to surpass 500 billion yuan, industries related to the metaverse concept to hit 350 billion yuan, and the smart terminal sector to top 700 billion yuan.

hewei@chinadaily.com.cn