A signing ceremony for deals with a combined investment value of 49.3 billion yuan is held on Dec 12 during the first Global Digital Trade Expo. [Photo/qz123.com]

Deals involving a total of 3.39 billion yuan ($487 million) in investment were signed by Quzhou in East China's Zhejiang province on Dec 12 at a parallel event to the first Global Digital Trade Expo held in Hangzhou.

A total of 24 deals with a combined investment value of 49.3 billion yuan were signed during the event.

The first Global Digital Trade Expo is meant to promote digital trade and showcase the development of the global digital economy and trade and cutting-edge technologies.

During the expo, agreements for nearly 90 projects are expected to be signed both within and outside the province, with a total investment of over 100 billion yuan.

Quzhou has in recent years showed strong digital innovation capabilities.

From January to September, the operating revenue of core digital economy indsutries in Quzhou totaled 36.81 billion yuan, a year-on-year growth of 35.2 percent and ranking third in the province.

The industrial added value of above-designated-size enterprises in the manufacturing industry, the core industry of digital economy, was 5.59 billion yuan, a year-on-year increase of 25.5 percent, ranking second in the province.