SHANGHAI, July 8 (Xinhua) -- The 2023 World Artificial Intelligence Conference concluded in Shanghai on Saturday, with purchasing and investment contracts worth billions signed on site.

Wu Jincheng, director of the Shanghai Municipal Commission of Economy and Information Technology, said that the conference saw intended purchasing contracts worth 11 billion yuan (1.5 billion U.S. dollars) signed, and 32 major investment projects worth 28.8 billion yuan agreed.

A record number of more than 400 companies participated in this year's event, which had a total exhibition area of 50,000 square meters at its main venue. Both figures were at their highest levels since 2018, when the annual event was inaugurated.

The conference also saw the debuts of more than 30 new products.

Wu said Shanghai will make full use of the conference's "magnetic effect" to promote the healthy development of the artificial intelligence industry.

The conference was hosted by the Shanghai municipal government and seven central government agencies, including the National Development and Reform Commission and the Ministry of Industry and Information Technology.