US$2.7b project to transform Shanghai port into advanced industries hub

SHANGHAI - Lingang New City, a port area in Shanghai, is to become an advanced industries hub and bustling coastal area by 2020 with sponsorship of more than RMB18 billion (US$2.7 billion), the City Government announced yesterday. The Government is setting up several industry funds to support development of key industries, aiming to pump RMB10 billion into the integrated circuit equipment industry, RMB5 billion into intelligent manufacturing, RMB2 billion to back up the marine industry, and RMB1 billion in start-ups, the Shanghai Daily reported.

Intelligent manufacturing, new energy, advanced materials and advanced information technology are highlighted to steer the upgrading and transformation of these industries.

A special fund to bolster intelligent manufacturing projects will provide RMB500 million a year until 2018, enabling every project to enjoy a maximum subsidy of RMB50 million. Other projects involving new energy, new materials and information technology can receive up to RMB100 million as a contribution towards upgrading.

“The area will grow into a national innovative manufacturing centre and lead and converge advanced industries in and around the city,” said Ruan Qing, Deputy Director of the Shanghai Commission of Development and Reform.  www.webershandwick.cn (ATI).