Representatives from the Jiaxing municipal government and Shell China Ltd shake hands after signing a cooperation agreement. [Photo/WeChat account: jxfabu]

The Jiaxing municipal government in East China's Zhejiang province signed a cooperation agreement with Royal Dutch Shell on Dec 3 to expand their cooperation, local media reported.

According to the agreement, both sides will practice the concept of green and low-carbon development to deepen their practical cooperation in various aspects, including new energy, integrated energy system and traffic facility construction.

Shell is a British–Dutch multinational oil and gas company headquartered in The Hague, Netherlands and incorporated in United Kingdom. It is one of the oil and gas "supermajors" and the third-largest company in the world measured by 2018 revenues.

Jiaxing is the business center of Shell China Ltd, the subsidiary of Shell in China. Jiaxing is the only prefecture-level Chinese city home to more than two Shell projects, including a lubricating oil blending plant, and a refined oil depot.

To date, Jiaxing is home to 122 projects invested by Fortune 500 companies. The total actual use of foreign investment currently stands at $38 billion.

In the first 10 months of this year, Jiaxing introduced 268 foreign-invested projects, including 49 projects worth more than $100 million and 21 projects invested by Fortune 500 companies.

The actual use of foreign capital in Jiaxing totaled $2.45 billion yuan during the same period, a year-on-year increase of 39.9 percent and more than the total amount in 2019, placing Jiaxing in second place among Zhejiang cities.