In a bid to foster dynamic innovation and economic growth, the Hailing district of Taizhou city – located in East China's Jiangsu province – has unveiled its latest venture.
It's the Huahui Zhigu (Taizhou) intelligent home appliance industrial park, which is said to mark a move into China's Industry's Going Upstairs model, or IGU – a Chinese economic model involving the innovative usage of industrial land and evaluation of its economic effects.
IGU is said to be an innovative concept, which aims to repurpose industrial land by transferring production to high-rise buildings.
With a total investment of 2.5 billion yuan ($345.94 million), the Huahui Zhigu industrial park spans two phases and covers 145,000 square meters. Its goal is to establish a modern industrial hub focusing on "information technology + intelligent manufacturing + the headquarters economy".
Phase one, covering 70,000 sq m, features six standalone factory buildings, 12 row-connected factory buildings and two research and development centers. The first phase has been completed and the second is progressing smoothly.
The project involves collaboration with the smartphone and home appliances giant Xiaomi to boost the intelligent home appliances industry. A 500-million-yuan fund will support startups in the sector, attracting companies from Xiaomi's commercial ecosystem and beyond.
An elaborate table model of the Huahui Zhigu (Taizhou) intelligent home appliance industrial park. [Photo/Hailing Industrial Park via WeChat account: gh_4df9b5f9b40b]
On completion, the industrial park aims to generate annual taxable revenue of 2 billion yuan and provide nearly 2,000 jobs, consolidating its role as a catalyst for regional economic prosperity and technological advancement.