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In the first 11 months of 2023, Zhejiang's fixed asset investment increased by 5.8 percent year-on-year, surpassing the national average by 2.9 percentage points, according to the latest official figures.

The province completed investments exceeding one trillion yuan in major projects under Zhejiang's “Thousand Major Projects, Trillion Yuan Investments” Initiative, with the overall investment situation in the province remaining stable.

Zhejiang has planned a total of 1,244 major projects with a combined investment of 8.24 trillion yuan ($1.15 trillion), targeting an annual planned investment of 1.0007 trillion yuan in 2023.

These projects are expected to cover 90 counties, cities, and districts. By the end of Nov, the completed investment in major projects under the initiative had reached 12.15 trillion yuan — a completion rate of 121.4 percent. All newly initiated projects have now commenced, achieving the annual target of a 100-percent initiation rate.

In the first 11 months of 2023, Zhejiang held two province-wide concentrated project commencement events on Feb 21 and July 4, involving 367 major projects with a total investment of 1.36 trillion yuan and an annual planned investment of 178.9 billion yuan. By the end of Nov, these projects had accumulated a completed investment of 188.2 billion yuan.

At the beginning of 2023, Zhejiang established four special industrial cluster funds, covering new-generation information technology, high-end equipment, modern consumption and health, and green petrochemicals and new materials parent to drive industrial investment.

Zhejiang has also provided full support for the essential needs of major projects. The province has secured over 100 billion yuan from the central budget this year, and the allocated amount for special bonds accounted for over seven percent of the national total.

In addition, the province supplied nearly 400,000 mu (26,666.67 hectares) of state-owned construction land, and major industrial projects were guaranteed an additional energy consumption quota of 36.93 million metric tons of standard coal this year, freeing up 2.86 million metric tons of standard coal in stockpile energy space.