Dongguan Zhanxin Electronic Company inks a strategic agreement with Zhangjiagang to set up an intelligent chip project in the city. [Photo/zjgonline.com.cn]

Dongguan Zhanxin Electronic Company announced that it will invest 2 billion yuan ($309.98 million) in launching an intelligent chip project in the county-level city of Zhangjiagang, East China's Jiangsu province, during a signing ceremony held in the city on April 26.

Zhanxin Electronic Company is a high-tech firm that engages in the research and development (R&D), manufacturing and sales of electronic and communication devices such as mobile phones.

The new project, which is expected to be launched in Zhangjiagang's Jinfeng town, will focus on fostering and introducing high-quality upstream and downstream companies related to high value-added semiconductors, advanced manufacturing, intelligent manufacturing, fine mechanics, and electronic information.

In recent years, Jinfeng town in Zhangjiagang has been leveraging its resource advantages to accelerate the development of advanced materials, medical apparatus and instruments, precise instrument, and new energy resources.

Local authorities said that the town will continue to improve its modern industrial chains and foster an advanced development pattern. Efforts will also be made to facilitate the growth of its characteristic industrial chains such as new metallurgical materials and medical apparatus and instruments to develop itself into a modern industrial park with core competitiveness.