Government News
Lingang, UOB link arms to deepen digital economy ties between China, Singapore 2024-09-01
Chinese industrial park operator Shanghai Lingang Economic Development Group is teaming up with Singaporean lender United Overseas Bank to promote tie-ups between China and member countries of the Association of Southeast Asian Nations on the digital economy and other areas, and to support businesses based in Lingang’s industrial parks to expand their global footprint.
Lingang will provide services for cross-regional co-operation and exchanges between Shanghai and Singapore through its International Data Economy Industrial Park, which was set up in October last year as a platform for international data co-operation, Chief Financial Officer Yang Jing said at the ASEAN Summit 2024 hosted by the Singapore Business Federation last Thursday, citing the memorandum of understanding signed by the two parties.
Lingang will also build a "dual circulation" development pattern through the International Data Economy Industrial Park, which aims to comprise 100 leading companies and reach a data industry scale of CNY100 billion (USD14.1 billion) by 2025, in which the Chinese economy plays a leading role while global economies play a supplementary role, she added.
Lingang will also explore cross-border financial and technological innovation overseas and provide industrial services that are tailored to the local business environment and are unique to Lingang's industrial parks, she said. The group will continue to improve services in its industrial parks by exploring international perspectives, so as to offer better support to multinational companies operating in China.
Lingang set up Shanghai Lingang Cross-border Economic Development, a cross-border data business platform, to enter the international data industry chain, and build cross-border data service platforms with China’s leading industries such as intelligent connected vehicles, mutual funds, and biomedicine.
It is also building more new submarine fiber optic cable stations, international submarine fiber optic cables, and functional data centers to strengthen infrastructure construction and help enterprises with their digital transformation and international cooperation.
The International Data Economy Industrial Park plans to form 10 high-level international data cooperation platforms and over 50 innovative scenarios of data flow and international co-operation by the end of next year.
Source: Yicai Global
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