Shanghai has announced over US$10 billion in new investments for hi-tech industries, unveiling 50 projects in sectors such as semiconductors, AI, biopharmaceuticals, smart vehicles, and aviation.

Most of the projects are based in the Pudong district, a key technology hub that includes major firms like Semiconductor Manufacturing International Corporation and the Zhangjiang Science City.

Pudong district aims to develop a chip industry with annual output surpassing 500 billion yuan (US$71.6 billion) by 2030, and to grow AI and aircraft manufacturing sectors with outputs targeted at over 200 billion yuan (US$28.6 billion) and 100 billion yuan (US$14.3 billion), respectively.

Shanghai’s announcement follows similar tech investment plans by other Chinese cities, as competition with the US intensifies, with local governments playing a significant role in resource allocation and industry support.

🔗 Source: South China Morning Post