(Yicai Global) Dec. 13 -- Shanghai Municipal Government and conglomerate China Electronics Corp. will jointly invest CNY100 billion (USD15.11 billion) in a research and development hub to nurture key emerging industries such as intelligent manufacturing, artificial intelligence and the Internet of Things for smart cities.
CEC, China’s largest state-owned IT group, plans to work with local authorities to develop an intelligent manufacturing base and an exhibition center for innovative technologies, China Securities Journal reported.
Shanghai Lingang Economic Development Group Co. has also agreed to work with CEC on developing production lines that feature new technologies. Lingang is responsible for the construction of the Lingang Industrial Area, a new zone adjacent to Shanghai’s Yangshan Port, the location of the world’s largest automated container terminal.
CEC has been listed in the Fortune Global 500 for six consecutive years and consists of 36 units and 15 listed holding firms with more than 110,000 employees in total. The conglomerate has four main divisions, namely, computer software, hardware and system integration, telecommunication and terminals, and digital home appliances.