The signing ceremony of a group of projects settling in Zhangjiang Science City is held in Zhangjiang, Pudong New Area of Shanghai, on Jan 17. [Photo/chinanews.com.cn]

Zhangjiang Science City in Pudong New Area, Shanghai, has reported outstanding results in its economic performance in 2018, driven by innovation and an optimized business environment, according to a report revealed at a projects signing ceremony on Jan 17.

The area recorded 320.8 billion yuan ($47.23 billion) in the total industrial output last year, a year-on-year increase of 6.7 percent. By the end of the year, all of the 73 key projects were put into operation, 27 of which have been completed.

The signing ceremony also witnessed another 28 projects settling in the region with a total investment of 11.8 billion yuan.

Over the past year, Zhangjiang has made great headway in innovative development with major breakthroughs in the chip and pharmaceutical industries.

A group of research and development centers and academic institutes have stationed in the region, including the Shanghai Jiaotong University Zhangjiang Science Park, an integrated circuit innovation center, an artificial intelligence island, and the new China headquarters and research and development center of the US IT giant International Business Machines (IBM).

Looking ahead, Zhangjiang Science City will continue to support the construction of key industrial parks and introduce more scientific projects. It is expected that all of the 73 key projects will be completed by 2020.

An aerial view of the artificial intelligent island in Zhangjiang, Shanghai, which focuses on artificial intelligence, big data, cloud computing, block chains, virtual reality, and augmented reality industries [Photo/VCG]