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Innovation drives high-quality growth in Binhu over past decade

Updated : 2022-09-27
(chinadaily.com.cn)

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A distant view of Binhu district. [Photo/WeChat account: wxbhfb]

Binhu district in Wuxi, East China's Jiangsu province has been intensifying efforts to bolster innovation-driven economic growth during the past 10 years.

The district's investment in research and development in 2021 exceeded 3.76 billion yuan ($524.65 million), 2.4 times the amount invested in 2012. The output of Binhu's high-tech sector accounted for 72.6 percent of that of industrial companies above designated scale last year.

By the end of 2021, Binhu was home to 547 high-tech companies, 4.1 times the figure in 2012. Twenty companies in the district have been listed on stock exchanges, with a combined market value of 918.1 billion yuan.

A number of research institutes have been set up in Binhu and contributed to the district's innovative development over the past decade. For example, the Taihu Laboratory of Deepsea Technological Science, which was unveiled on Dec 30, 2020, was recognized as a provincial-level key laboratory. In addition, a chip independently developed by the Wuxi Institute of Advanced Technology has gone into trial production.

Innovations by Binhu's research institutes have to date received 21 national-level awards and 73 provincial-level awards.

Due to the efforts in promoting innovation, Binhu's industries, including life sciences, integrated circuits, information technology and culture, have made continuous progress. The life sciences sector in the district was valued at 15 billion yuan in 2021 and the number of integrated circuit companies had reached 170 by July 2022.

In addition, 68 companies related to big data and cloud computing in Binhu generated 4.09 billion yuan in revenue in 2020. The Wuxi Studios, a film-making industrial park, has accommodated more than 1,500 companies. A complete industrial chain comprising playwriting, film production, tourism, as well as other sectors has taken shape in the park.

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