LINGANG New City, a port area in Shanghai, is to become an advanced industries hub and bustling coastal area by 2020 with sponsorship of more than 18 billion yuan (US$2.7 billion), the city government announced yesterday.

The government is setting up several industry funds to support the development of key industries, aiming to pump 10 billion yuan into the integrated circuit equipment industry, 5 billion yuan into intelligent manufacturing, 2 billion yuan to back up the marine industry, and 1 billion yuan to be invested in startups.

Intelligent manufacturing, new energy, advanced materials and advanced information technology are highlighted to steer the upgrading and transformation of these industries.