More than 240 projects worth over 580 billion yuan in the experimental zone in Guangzhou for artificial intelligence (AI) and digital economy are launched. [Photo by Wu Jiawei/Xinhua]

Major projects of the experimental zone in Guangzhou for artificial intelligence (AI) and digital economy have been launched on March 31, involving more than 240 projects worth over 580 billion yuan ($81.86 billion).

During the ceremony held on the same day, a total of 98 projects were signed to be established in the zone with an overall investment of about 300 billion yuan. Of the projects launched, 44 projects worth more than 70 billion yuan have started operation, while 99 projects worth more than 200 billion yuan have started construction.

The experimental zone, which covers Haizhu, Huangpu, Tianhe, and Panyu districts, consists of the Pazhou area, the Guangzhou International Financial City area, and the Yuzhu area. The Pazhou area is themed around innovation, while the other two areas located on the north coast of the Pearl River will be built into an integrated development area for AI and digital economy.

A number of outstanding companies leading the world's digital economy development have settled down in the Pazhou area including Tencent, Alibaba, and Vipshop.

Chen Zhiying, executive vice mayor of Guangzhou, stated that Guangzhou will accelerate the construction speed for new infrastructure like 5G networks, develop new business models for AI and digital economy, as well as boost the deep integration of digital economy and real economy.

Cao Dahua, deputy director of the Guangdong Provincial Development and Reform Commission, said that the experimental zone will promote the high quality development of Guangdong's economy and make contributions to the construction of the Guangdong-Hong Kong-Macao Greater Bay Area.

Gao Song, president of South China University of Technology, noted that the construction of the zone will bring Guangzhou's AI and real economy development to a new stage.