A total of 76 projects receiving 84.4 billion yuan ($12.2 billion) in investment were signed or started operating in Qiantang New Area on Aug 12, local media reported.

A total of 2.81 billion yuan in investment in 26 projects was agreed upon. The projects involve biopharmaceuticals, district-university cooperation, cross-border e-commerce, integrated circuits, new materials, and intelligent manufacturing.

The 35 projects beginning construction, which have received a combined total of 56.3 billion yuan in investment, reflected Qiantang's dedication to improving people's living standards by focusing on industrial development, social undertakings, major infrastructure, and urban supporting facilities.

Ten of the ongoing projects involved the biopharmaceutical industry and were aimed at strengthening the area's economy and injecting new momentum into local development. The projects were represented by the 280-million-yuan in vitro diagnostic reagents (IVD Reagents) research and manufacturing center of All Test and the 650-million-yuan medical imaging equipment project of MinFound.

"We will continue our efforts to attract new businesses and investment and strive to empower the city's biopharmaceutical industry to achieve 100 billion yuan in annual revenue by 2025," said an official of the area.

Qiantang New Area also saw 15 projects become operational, generating an aggregated annual revenue of 8 billion yuan.

A total of 76 projects receiving a total of 84.4 billion yuan ($12.2 billion) in investment are signed or started operating in Qiantang New Area on Aug 12. [Photo/zjol.com.cn]