IM Motors, a joint venture among China's SAIC Motor, e-commerce giant Alibaba and Shanghai's Zhangjiang Group, is expected to promote the gathering of relevant industrial chains in Zhangjiang. [Photo/WeChat account: gh_01c6f7b4cf3d]

Pudong's Zhangjiang area in Shanghai achieved a regional GDP of 303.35 billion yuan ($46.95 billion) in 2020, an increase of 8.9 percent year-on-year, according to local media reports on Feb 22.

Major economic indicators for the Zhangjiang area, which includes Zhangjiang High-tech Park, Pudong Kangqiao Industrial Zone, Shanghai International Biomedical Park, and Zhangjiang town, showed strong growth last year.

The area has expedited the replacement of old growth drivers with new ones and embraced an innovation-driven strategy, allowing its key industries such as integrated circuit, biological medicine, and information and software to achieve positive growth in 2020.

Last year, Zhangjiang's online economy prospered because of these new dynamics, in turn driving the growth of the zone's digital economy. Additionally, Zhangjiang focused on shoring up the weak links.

Statistics show that in 2020, a total of 1,559 domestic-funded enterprises settled in Zhangjiang, a year-on-year growth of 5.9 percent. A total of 72 newly-settled projects with a registered capital of 50 million yuan or above were set up, with total capital amounting to 18.52 billion yuan. Specifically, 36.5 percent of these projects are related to integrated circuits and new energy vehicles.

Among the new projects, IM Motors, a joint venture between China's SAIC Motor, e-commerce giant Alibaba and Shanghai's Zhangjiang Group, drew most of the attention.

The launch of IM Motors is expected to promote the gathering of relevant industrial chains in Zhangjiang, and will help the area build an innovative ecological system for intelligent network and new energy vehicles.

The integrated circuit industry in Zhangjiang has also boomed in the past year, with a number of enterprises setting up their regional headquarters in the area.

According to statistics by Pudong's development and reform commission, Zhangjiang is now home to more than 200 enterprises that deal with integrated circuit, chip manufacturing, packaging and testing, and equipment and materials. These enterprises reported a total revenue of 102.79 billion yuan last year, a year-on-year increase of 22.5 percent.

Artificial intelligence as well as information and software industries in Zhangjiang also witnessed sharp growth in 2020, with their revenues hitting 27.86 billion yuan and 136 billion yuan respectively, a sign of Zhangjiang's resilience in strategic emerging industries.

During the 14th Five-Year Plan period (2021-25), Zhangjiang plans to make greater strides in deepening the integration of industry and education, and speeding up breakthroughs in core technologies.

Efforts will also be made to improve its innovation system and turn breakthroughs in science and technology into actual productivity at a faster pace. Zhangjiang will also stay committed to opening-up and cooperation so as to promote the innovative development of its industrial chains.