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Daily Digest | Local policy drives lofty ambitions

Written by The Uptake Published on     1 min read

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Hefei’s playbook shows us how a government’s investment can build massive, crucial industries.

Hi. It’s Brady again.

When you think of tech hubs in China, a few cities immediately come to mind—Beijing, Shenzhen, and… Hefei?

When 36Kr Global’s research team showed us the numbers, we were surprised: a 2,600% bump in Hefei’s GDP in 20 years was rooted in three bold investments. Its most recent was a cash injection in Nio that pulled the EV maker from the brink in early 2020.

The choices made by Hefei’s officials were not lucky picks. Lots of research, legwork, and deal-making were involved. Policies were crafted to make companies’ geographical transitions to Hefei smoother. And, of course, there were plenty of tax benefits.

These three investments were in companies that produce consumer electronics, semiconductors, and electric vehicles—aligning the city’s economic future with China’s national strategic goals. It’s an enviable position to be in.

36Kr Global’s research team unearths interesting but overlooked facts like these. We’ll be working with them in the future to produce more reports about developments in China that are beyond the coverage that you see elsewhere. Stay tuned.

Daily Roundup

  • Cloudtogo nets Series B round from Alibaba Cloud for collaborative coding services.
  • SoftBank leads USD 56.4 million investment in sneaker e-commerce platform Soda.
  • Creator incubator Ju lands angel round, uses blockchain to cultivate internet celebrities.
  • Indian founders say yes to no-code tools.
  • Huawei to unveil flagship phone as impact of US crackdown deepens.

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