Shanghai is betting big on its Silicon Valley

SHANGHAI — China’s financial hub has laid the foundation for billions of dollars in new projects in the Lingang Special Zone to boost the development of cross-border data technology and marine innovation.

The free trade zone launched 72 manufacturing projects worth 153 billion yuan ($22.26 billion) on Aug. 22. Authorities say the new batch of projects in Lingang – sometimes called Shanghai’s Silicon Valley – will further enrich the region’s development.

“Lingang aims to become an international data circulation hub, a platform to convert data value and create globally influential data services,” said Li Jing, general manager of Shanghai Lingang New Area Cross. -Border Data Technology Co., Ltd. Sixth Tone. “It will play an active role in the global digital economy and help create internationally recognized data standards.”

Connected to Yangshan Port by the Donghai Bridge, the 120 square kilometer coastal area is known for its new energy vehicle and semiconductor industrial clusters. Lingang’s two industries should be the penalty more than 300 billion yuan and 100 billion yuan, respectively, by the end of 2025.

Lingang, now also known as Nanhui New City, is also striving to become the country’s first choice for high-tech talent and enterprises. Ocean Innovation Park, one of the six major industrial clusters, houses research centers run by prestigious universities, including Peking University, Shanghai Jiao Tong University and Fudan University.

Sun Xiaotian, deputy general manager of Shanghai Xiongcheng Offshore Engineering Co., Ltd., told Sixth Tone that the industrial park has offered support for his business development.

“Lingang not only gave us the support of corporate policy, but also helped us follow the direction of the industry,” Sun said.

Over the past three years, Lingang has also attracted more foreign investment. The foreign capital of the region counted for 9% of total investment between January and July this year, up 204% from the same period last year, and is home to 2,600 foreign-invested enterprises with a total value of nearly 3 billion of dollars.

Along with US electric car maker Tesla, the region’s largest foreign investor to date, German software company SAP, US diesel and alternative fuel engine maker Cummins and Danish pharmaceutical company Novo Nordisk are among the others. large multinationals that have settled in Lingang.

(Header image: A view of Lingang, Shanghai, August 14, 2022. VCG)

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