Shanghai has unleashed a flurry of policy-backed project signings and initiatives, marking a significant boost for key industries in the region. In the first quarter of 2024, a total of 420 major investment projects, each valued at over RMB 100 million (USD 13.8 million), were executed, culminating in a total investment value of RMB 343.5 billion (USD 47.8 billion). These projects span across integrated circuits, biopharmaceuticals, and artificial intelligence sectors, indicating a robust commitment to high-tech and innovative industries.
Within the biopharmaceutical domain, China’s Yangtze River Pharmaceutical Group is anticipated to establish its health headquarters in Xuhui Binjiang, an industrial park in Shanghai. The establishment will encompass innovative medical device incubation bases and complexes dedicated to the research and development of innovative drugs, further solidifying Shanghai’s position as a hub for life sciences and healthcare innovation.
In a bid to further stimulate these key sectors, the Shanghai government is promoting a colossal industry fund of funds (FOF) worth RMB 100 billion (USD 13.8 billion), targeting investments in integrated circuits, biopharmaceuticals, and artificial intelligence. This move is set to catalyze growth, attract investment, and foster innovation in these strategic industries.- Flcube.com
