Investors back development of Shanghai Innovation Bay

Hefty investments of more than 6 billion yuan (US$920 million) have been made in an emerging innovation hub in the south-western outskirts of Shanghai, showing confidence in the city’s leading role in the Yangtze River Delta region’s innovation landscape.

The Shanghai Innovation Bay, in Jinshan District, opened in 2019 as a platform focused on nurturing and gathering entrepreneurship in frontier scientific and technological research such as life science, artificial intelligence and digital economy.

Over two years, it has been plucked from obscurity and turned to a major innovation hub in the geographic center of the Yangtze River Delta region. Now, it is home to more than 1,500 high-tech companies.

On Sunday, in celebration of its 2nd birthday, the Shanghai Innovation Bay witnessed the inking of 10 major projects, including a new international innovation center co-built with the Wuhan East Lake High Technology Group.

With an investment of more than 3 billion yuan, it is the group’s first investment project in Shanghai, implying that it sees the Shanghai Innovation Bay as an essential part of the Yangtze River Economic Belt.

Under the plan, the project will cover an area almost equaling the size of 15.5 soccer fields. It aims to gather more than 30 company headquarters and 300 technology startups engaging in various business from R&D, testing to incubation.

According to the group, it’s just the beginning of its investment in Jinshan. In the future, it plans to build a smart manufacturing base.

Also, local officials on Sunday laid the foundation stone for the construction of the “digital port” project co-built with the China Academy of Science and Technology Development.

With the investment of 1.6 billion yuan, the project aims to gather nearly 8,000 talented people. The first-phase of the project is set to be put into use by the end of 2022.

According to the district government, Shanghai Innovation Bay hopes to someday be on par with other renowned bay areas like those around Tokyo and San Francisco.