An industrial park jointly funded by Ningbo Industrial Internet Research Institute and Shanghai Jiao Tong University broke ground in Ningbo on Dec 24, according to local media reports.

Situated to the south of Ningbo Railway Station, the park has a cost of roughly 1.1 billion yuan ($164.1 million) and will cover an area of 38,000 square meters.

The park, scheduled to be put into use in 2022, comes as part of local authorities' efforts to develop new industrial internet and artificial intelligence technologies, and will accommodate office buildings, labs and academician workstations.

Founded in May last year, Ningbo Industrial Internet Research Institute has attracted more than 200 high profile staff and incubated seven high-tech companies. 

Zheng Shanjie, Party chief of Ningbo, and Yang Shubiao, chairman of the Ningbo municipal committee of Chinese People's Political Consultative Conference, attended the ceremony. 

Ningbo has been seeking growth in its industrial internet sector. 

The sixth China Industrial Internet Conference was held in Ningb from Dec 19 to 21.

The conference gathered about 1,000 participants, including representatives of leading businesses and investment institutions, experts and scholars.