KPMG Report: Yangtze River Delta Has Formed a Complete Smart Economy Industrial Ecosystem

The framing of data, computing power and algorithms as the three core drivers is notable less as a discovery than as a sign that regional industrial policy and corporate strategy are converging on the same vocabulary. The finding that Series A companies form the largest slice of the capital-stage mix suggests the ecosystem's center of gravity sits in early-stage buildout rather than mature consolidation, which shapes where talent and capital are likely to cluster. Whether that early-stage skew persists as the region's listed-company base matures is the open question worth watching.