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 ($30.5 billion).
The announcement was made during a global investment promotion convention, where some 48 major industrial projects totaling 162.7 billion yuan ($24.23 billion) kicked off construction.
High-profile projects include SenseTime’s 4 billion yuan ($595.8 million) investment on the second phase of an AI computing center, as well as the 3 billion yuan ($446.8 million) 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 ($74.5 billion), industries related to the metaverse concept to hit 350 billion yuan ($52.1 billion), and the smart terminal sector to top 700 billion yuan ($104.25 billion).