Xiangyang Hi-Tech Industry Development Zone is a national-level high-tech zone founded in November 1992 by approval of the State Council. It exercises administration over Xiangyang Science City and High-Tech Industrial Park, Automobile Industrial Park and Shenzhen Industrial Park, as well as two towns and four sub-district offices.
After more than two decades of development, the zone's area has been expanded from 7.5 square kilometers to more than 200 sq km in 2017. The number of registered enterprises surged from 17 to 10,744, business revenues from 370 million yuan ($54.68 million) to 300 billion yuan, and GDP from 135 million yuan to 97 billion yuan. There were 108 enterprises funded by investors from 20 countries including the United States, Britain, France, Germany, Japan, Russia, South Korea and Singapore as well as China's Hong Kong and Taiwan province.
The zone has well-developed advanced manufacturing industries which are led by the automobile industry and six pillar industries: hi-end equipment manufacturing, electronic information, new energy and new materials, new-energy vehicles, bio-pharmaceutical industry, and energy conservation and environmental protection.