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Shanghai signs major raft of investment deals to boost economy

April 01, 2020

On the morning of March 31, a signing ceremony was held at the Shanghai Exhibition Center for a raft of major investment projects for the year 2020, while at the same time unveiling plans to promote sector-specific industrial parks. Agreements for 152 major industrial projects with a total investment of approximately 441.8 billion yuan have been signed, and the plans for the development of 26 sector-specific industrial parks and 60-square-kilometer new industrial spaces have been officially released. This is another major step for Shanghai to thoroughly implement the spirit of General Secretary Xi Jinping’s important speeches and instructions, and to jointly promote the prevention and control of the novel coronavirus epidemic, and economic and social development. Li Qiang, Party secretary of the CPC Shanghai Committee, attended the signing ceremony. Gong Zheng, deputy Party secretary of the CPC Shanghai Committee and acting mayor of the city, unveiled the Shanghai Investment Promotion Services Center and officially launched the Shanghai Investment Promotion Platform.

Chen Yin, a member of the Standing Committee of the CPC Shanghai Committee and executive deputy mayor, hosted the ceremony. Wu Qing, a member of the Standing Committee of the CPC Shanghai Committee and deputy mayor, introduced the newly released sector-specific industrial parks and new industrial spaces. Xu Kunlin, deputy mayor, briefed on the newly signed major industry projects. Zhuge Yujie, a member of the Standing Committee of the CPC Shanghai Committee and secretary-general of the CPC Shanghai Committee, was present at the ceremony.

At the event site, 28 major industrial projects with a total investment of approximately 161.8 billion yuan were collectively signed. Elsewhere, with the help of online video services, 16 districts of Shanghai, along with the Lingang Special Area of the China (Shanghai) Pilot Free Trade Zone and the Hongqiao Business Zone, completed the signing of 124 projects with a total investment of about 280 billion yuan. Among them, the total investment of foreign-funded projects exceeded US$16 billion. The projects mainly involve key sectors including integrated circuits, artificial intelligence, biopharmaceutical, aviation and aerospace, intelligent manufacturing, new energy and high-end intelligent equipment, new materials, financial services, commercial and retail, as well as commercial services. These areas will provide additional strong impetus to empower high-end industries to drive the overall development and foster the city’s high-quality economic growth.

In recent years, Shanghai has been focusing on key areas, key enterprises and major projects, by strengthening overall coordination and facilitating project implementation. The city has also been promoting the development of leading industries, the empowerment and upgrading of traditional industries, and the cultivation of strategic emerging industries. The projects signed this time include the headquarters of Unisoc and high-throughput intelligent processing system by SmartCore in the integrated circuit field; SenseTime’s new generation artificial intelligence computing and enabling platform and Tencent’s Yangtze River Delta AI Intelligent Supercomputing Center and industrial base in the AI field; Wego Shanghai Medical Industrial Park and Lianren Health Big Data Operation Headquarters in the biopharmaceutical field.

Shanghai is actively building an enterprise service system covering all types of companies. By improving pre-approval, simplifying procedures and reducing steps, Shanghai is providing full-process comprehensive services in a bid to build a full-factor industry ecosystem, thus further boosting the confidence and determination of Chinese and foreign companies in exploring more business opportunities in the China market and Shanghai. Among the projects signed this time, those by state-owned enterprises include the second headquarters of China Energy Conservation and Environmental Protection Group, and CRRC industry investment headquarters and intelligent manufacturing industrial park. Projects by private enterprises include Midea Shanghai Global Innovation Park and JD headquarters base project. Projects by foreign-owned companies include regional headquarters of Bosch Capital and Mitsubishi Corporation Metal Trading, as well as the Chinese flagship store of Sam’s Club.

During the promotion event, Shanghai unveiled 60 square kilometers of new industrial spaces targeting cutting-edge technology, high-end industries, and core areas and aspects, as the city aims to upgrade its industrial base and modernize its industrial chain to realize deep integration of “manufacturing, services and R&D”. It once again sends a clear signal to the whole society that Shanghai needs both high-quality service industry projects and high-end manufacturing projects. In Shanghai, there is no shortage of land and space for high-quality projects and industries. Shanghai will fully tap the potential of industrial land, strive to enhance intensity of land use, and focus on increasing investment intensity and economic density.

In order to build industrial parks with more advantages, strengths and features, Shanghai also promoted 26 sector-specific industrial parks with an area of 3-5 square kilometers each, such as Shanghai Intelligent Sensor Industrial Park, Maqiao AI Innovation Zone, East China Drone Base, Jinshan Carbon Valley Green Bay Industrial Park, Jiading Hydrogen Energy Harbor, and Minhang Development Zone Intelligent Manufacturing Industry Base. These “small and beautiful” industrial parks have a clear positioning, as they aim at six core industries, including integrated circuits, artificial intelligence, biopharmaceutical, aviation/aerospace, new materials, and intelligent manufacturing, and make every effort to create new highlands for industrial development.

The Shanghai Investment Promotion Platform, which was launched at the event site, will serve as a professional intelligent investment promotion service platform. At present, it has a database, featuring more than 400 sets of policies and covering more than 200 industrial parks and more than 3,000 commercial buildings. It provides more than 200,000 pieces of information with regard to industrial supporting facilities.

Officials in the city’s relevant departments, districts and key industrial parks and representatives of Chinese and foreign enterprises attended the event.