China's Shanghai Municipality has nurtured four industrial clusters at the trillion-yuan level in the fields of electronics and information technology, automobiles, high-end equipment, and software and information services, according to the Shanghai Global Investment Promotion Conference, which opened on Tuesday.

In 2024, the scale of the city's electronics and information technology sector reached 1.2 trillion yuan (about 167 billion U.S. dollars). Shanghai's automotive cluster reported a scale of 1.1 trillion yuan last year, with nearly 280,000 local plates issued for NEVs during the period.

The city has also been engaged in the development of other key industrial chains, including integrated circuits, biopharmaceuticals, artificial intelligence, fashion consumer goods, advanced materials, and new energy and green low-carbon solutions.

The conference offered 15.42 million square meters of space, supported by 50.9 billion yuan in industrial ecosystem funding, for investment projects. Through policy incentives, resource matching and favorable services, the city is providing global innovators and enterprises with first-mover scenarios and project opportunities.

"Shanghai is not only home to Otis China's headquarters but also our global R&D center," said Judy Marks, chair, CEO and president of Otis, an elevator industry leader. "We have full confidence in our development in the Chinese market and are committed to long-term growth here."