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Zhejiang hits 125% of annual investment target for major projects

chinadaily.com.cn| Updated: March 2, 2020 L M S


Construction on a bridge across the Yong'an Stream in Xianju county, Taizhou, is nearly completed on Oct 10, 2019. The bridge is part of the Jinhua-Taizhou Railway project, which is currently under construction. [Photo/zj.zjol.com]

Zhejiang province invested 487.5 billion yuan ($70 billion) in its major projects last year, amounting to 125 percent of its annual target. All of its cities also hit their annual targets earlier than expected.

The province has long been focused on developing major projects to boost its development.

Construction on the Nanzhuangling Tunnel, a key part of the Jinhua-Taizhou Railway project, was finished on March 1. The railway is the first electric railway to be independently built by the province and is expected to be mostly finished by year's end.

The transmission production center project being carried out by Geely Auto in the Changxing Economic and Technological Development Zone in Huzhou recently started debugging its production line. The center is designed to produce 600,000 transmissions every year and is expected to enter operation later this year.

"The project will help enhance Changxing county's economic strength. We will continue to attract big projects and develop high-end industrial clusters," said Zhu Yuandong, director of the project service department of the zone's administrative committee.

With the section of the Longliwen Expressway project in Wencheng and Taishun counties in Wenzhou entering operation on Jan 1, all counties of the province on land are now connected by expressway.

"Major projects play a key role in boosting growth momentum and improving struggling areas," said an official from the province's reform and development commission.

Ove the past year the province has strengthened follow-up investigations to ensure the projects are progressing smoothly and has explored digital services to enhance efficiency.

According to local authorities, the province will continue to improve its investment structure and give priority to major projects.