Zhangjiang Science City in Pudong New Area is working to improve its scientific capabilities, promote its leading industries, and expand its urban functions. [Photo/Official WeChat account: pdnews]

A total of 93 key projects, with a combined investment of 87 billion yuan ($13.47 billion), were launched in Shanghai's Zhangjiang Science City on Dec 18, according to a local media report.

The projects, which span areas like integrated circuits, biological medicine, and artificial intelligence, will help the city upgrade its industrial, innovation, and value chains, as well as further improve its innovative capability and bolster its business environment.

Among the projects, some are related to the fintech industry, such as the Hillhouse Innovation Center project, which was jointly launched by Zhangjiang Science City, private equity group Hillhouse Capital, and Minsheng Securities, all of which will promote the integrated development of finance and technology innovation to help transform research outcomes into real productivity.

Additionally, a number of platforms for scientific and technological innovation were also gathered in the city, including the Shanghai Institute of Advanced Research of Zhejiang University, the Institute of Advanced Research of Shanghai Jiao Tong University, and the open platform of the Shanghai DuPont Innovation Center.

Local authorities said that the scientific platforms will help the city pool innovative resources and strengthen its role as China's first national-level comprehensive science center.

Since the outbreak of the COVID-19 pandemic earlier this year, Zhangjiang has adopted a balanced approach to epidemic containment, as well as economic and social development, bolstering efforts to enhance its core competitiveness in several key industries.

Statistics show that in the first half of the year, a total of 70 key projects, valued at more than 53 billion yuan, were launched in the city. Its total industrial output value reached 270.39 billion yuan in the first 11 months of the year, growing by 14.1 percent year-on-year. The amount of paid-in foreign capital rose 16.15 percent year-on-year to $2.34 billion.