Suzhou Microchip Technology Inc. signs a settlement agreement with the Zhangjiagang economic development zone on Oct 12. [Photo provided to chinadaily.com.cn]

The signing ceremony for investment and settlement of an rf chip and automotive radar project was held on Oct 12 in Zhangjiagang, a port city in the east of Jiangshu province, marking the arrival of more high-tech development in the city.

Zhu Xunqing, the general manager of Datang Telecom Investment Co. LTD, Liu Honggang of the Institute of Microelectronic of the Chinese Academy of Sciences (IMECAS) and other Zhangjiagang leaders participated in the ceremony.

With a total of 380 million yuan ($56.7million) investment, the program is a new significant advance for the rf chip industry and breaks the monopoly of foreign countries. It can be widely applied in many high-tech fields including auto-assisted driving, unmanned aerial vehicle, traffic monitoring, and automatic door systems and 4G/5G smart phones.

The project will be completed in three stages and is expected to generate a total of 1 billion yuan ($151.4 million) in annual sales.