A concept design of Dishui Lake Financial Bay in Lin-gang Special Area, created by the United States architectural design firm Ennead, featuring the iconic "Ring" building. [Photo/Shanghai Observer]

Nanhui New Town in Shanghai's Lin-gang Special Area is swiftly transforming into a cutting-edge, intelligent city.

As the central urban area of Lin-gang Special Area, the new town is witnessing autonomous vehicles trials on highways high-speed roads, with plans to launch a driverless taxi route between the new town and Shanghai Pudong International Airport.

A modern industrial cluster that includes a financial center and an artificial intelligence innovation hub has started to take form along Dishui Lake.

The construction of the Dishui Lake Financial Bay, which is approaching completion, is set to establish Lin-gang as Shanghai's third major financial hub, after the Bund and Lujiazui in Pudong New Area.

This hub is set to focus on cross-border financial innovation, aligning with Shanghai's financial development strategy. According to official statistics released during a media briefing on June 14, the financial sector in Nanhui has doubled in value over the past four years, with almost 700 financial firms established, maintaining a robust 20 percent annual growth in deposits and loans.

The Dishui Lake AI Innovation Hub has also become a magnet for AI firms, attracting more than 3,000 related industry professionals.

The town's integrated secondary and tertiary industries are now driving the growth of an advanced industrial system, with a significant contribution coming from the NEV sector. Leading companies like Tesla and SAIC Motor are spearheading progress in automotive software and electronics.

Nanhui New Town is also making strides in the integrated circuit industry, with an output value expected to surpass 20 billion yuan this year. The town is set to lead Shanghai's wide-bandgap semiconductor industry, aiming to become China's foremost base for this sector.

In 2023, the area's total industrial output value surged to 433.3 billion yuan ($59.71 billion), marking a 22.5 percent increase year-on-year and contributing around 11 percent to Shanghai's total industrial output. Tang Hao, deputy director of the Lin-gang Special Area Administrative Committee, emphasized Nanhui's pivotal role in establishing a special economic zone with global market influence.

The town aims to blend industries and urban functions, foster a sustainable environment, and streamline governance in order to shape an urban landscape that has international flair and maritime charm, Tang said.

Source: Jiefang Daily