Yiwu in East China's Zhejiang province hosted a signing ceremony on March 29 for 25 projects with a total of 30.4 billion yuan ($4.78 billion) in investment.

The new deals included nine manufacturing projects related to chips, photovoltaics, and new materials and 16 commercial and trade projects related to logistics supply chains, digital trade, and import trade. Among them, three manufacturing projects attracted more than 1 billion yuan in investment and one received more than 10 billion yuan.

According to officials, these new projects are expected to promote the development of industrial chains in Yiwu, especially for emerging industries such as semiconductors.

In the first quarter of this year, construction started on 26 projects with more than 500 million yuan in investment each, totaling 21.9 billion yuan. They include eight industrial projects, 10 projects to improve people's living environment, and eight projects focusing on modern services and urban infrastructure.

Yiwu will continue to develop cutting-edge industries such as chips and sensors, optoelectronics, new energy vehicles, and big health, as well as promote the innovation of trade models by cultivating commercial and trade projects such as cross-border e-commerce in an effort to develop into the "small commodity capital of the world".