Shanghai unveils US$10 billion investment spree as US-China tech race heats up

Shanghai has announced a slew of new investments in hi-tech industries ranging from chips to artificial intelligence (AI) and aviation, becoming the latest Chinese city to unveil ambitious plans to boost local innovation amid an intensifying US-China tech race. The city’s Pudong district unveiled 50 big-ticket projects worth more than 70 billion yuan (US$10 billion) combined on Monday, with most of the investment earmarked to flow into key industries including microchips, AI, biopharmaceuticals,...