China's Zhejiang launches 99 industrial, infrastructure projects

A staff member works at a workshop of a hosiery company at Datang Subdistrict of Zhuji City, east China's Zhejiang Province, May 25, 2023. (Xinhua/Xu Yu)

HANGZHOU, July 4 (Xinhua) -- A total of 99 major projects with a total investment of 678.9 billion yuan (about 94.23 billion U.S. dollars) broke ground Tuesday in east China's Zhejiang Province, according to the provincial economic and reform commission.

They include 55 industrial projects, with a total investment of 402.2 billion yuan. The remaining 44 are infrastructure projects, with investment totaling 276.7 billion yuan.

In terms of the scale of investment, 18 of the projects boast an investment more than 10 billion yuan each, making 443 billion yuan in total, amounting to 65 percent of the total investment for all 99 projects.

Investment in key sectors is growing in Zhejiang, with important projects strengthening the industry chains of new-energy, new materials, and smart Internet of Things.

The move is considered an important part of Zhejiang's strategy to expand investment, optimize the economic structure and maintain steady growth.

Since 2016, Zhejiang province has conducted 15 major project commencement activities, with the total project investment reaching 11.6 trillion yuan.