Binhai Vows More Financial Support for Smart Manufacturing

It will also innovate financial support and expand credit to guide financial institutions' involvement in key projects featuring cutting-edge technology and broad market prospects. In 2019, the local government rolled out an action plan for accelerating the high quality growth of Binhai New Area, vowing that the area would become a world-class innovation center driven by intelligent manufacturing. With that goal in mind, Binhai joined hands with China Traffic Construction Group among others and launched a 30 billion yuan ($4.25 billion) fund to support the development of the intelligent technology industry. The fund was expected to facilitate cooperation among global intelligent engineering technology centers and Binhai's Sino-German Industry 4.0 intelligent manufacturing center, its integrated circuit center, automotive electronics and automated driving center, and intelligent transportation center. An industrial development fund was also established to support intelligent technology, biomedicine, new energy and new materials, aerospace, and equipment manufacturing.