The 2nd Wuxi Taihu Lake "Chip" Summit is held in Binhu district in Wuxi city on May 11. [Photo provided to chinadaily.com.cn]

A summit to boost the development of the integrated circulate (IC) industry saw a total of 11 new projects signed in Binhu district in Wuxi city on May 11.

Focusing on the R&D of domestic autonomous controllable chips, the summit aimed to provide a platform for IC design and related companies to explore future industrial development.

This year, the summit put extra emphasis on the application of 5G technology, the internet of things (IoT), autonomous vehicles and other fields within the industry.

The projects included nine specifically related to IC design and R&D, a fund worth 300 million yuan ($48.34 million) and an innovation base led by Chinese technology giant Tencent.

With the IC industry in Wuxi worth 111.25 billion yuan in 2018, the city has served as an important driver for the IC industry in China. The summit also saw the inauguration of the national IC design industrial base (Wuxi), the seventh base of this kind in the country.

Binhu district has gathered many enterprises engaged in IC design and high-level institutes to provide technology and skilled personnel for industrial development.

In order to encourage and attract entrepreneurs, the district has set up an industrial development fund totaling 2 billion yuan. Ten companies gained support from the fund at the summit.

A Wuxi-Taiwan forum held during the summit attracted over 500 experts and scholars to exchange views on future industrial development. Attendees also participated in roundtable conferences and entrepreneur roadshows.

A total of 11 projects are signed at the summit. [Photo provided to chinadaily.com.cn]