A view of Lin-gang Special Area of China (Shanghai) Pilot Free Trade Zone. [Photo/VCG]

The Lin-gang Special Area of China (Shanghai) Pilot Free Trade Zone recently played host to the fifth-anniversary conference of the Oriental IC Port, an event that saw the signing of agreements for 14 key projects totaling a substantial investment of 28.8 billion yuan ($4.03 billion).

Participated by key industry players, including Shanghai Tianyue, Shanghai Jinghe Photoelectric Technology, Shanghai Xinwei Semiconductor, and the Shanghai Institute of IC Materials, the conference served as a platform for these influential entities to solidify their commitment to the region's burgeoning integrated circuit sector through strategic partnerships and investment initiatives.

With over 300 integrated circuit enterprises currently calling the Lin-gang Special Area home and an influx of more than 50 new projects annually, the region has established a cluster effect that propels its position as a leading force in the integrated circuit industry. Currently, the Lin-gang Special Area is home to 56 cutting-edge enterprises in the integrated circuit sector, along with 43 innovation-driven small and medium-sized enterprises, 15 specialized and innovative "little giant" enterprises, and 24 enterprise technology centers dedicated to advancing the industry, according to the Lin-gang Special Area Integrated Circuit Industry Development Report released by the Lingang Group at the conference.

In a significant boost to the sector, the Shanghai branch of the Bank of China announced a comprehensive plan to bolster the high-quality development of Shanghai's entire integrated circuit industry chain, including an impressive 100 billion yuan in special credit resources over the next five years.

The integrated circuit industry has emerged as a cornerstone of the Lin-gang Special Area's economic landscape, boasting remarkable growth and transformation over the past few years. From a modest scale of less than 1 billion yuan in 2019, the industry is poised to surpass 40 billion yuan in 2024, with ambitious projections to reach 80 billion yuan within the next three years.