Fujian launches 236 projects worth 176.7b yuan

East China's Fujian launched 236 key projects with a combined investment of 176.7 billion yuan ($27.33 billion) on March 2. These projects are in various fields such as digital economy, marine economy, green economy and infrastructure.

The projects are expected to become new engines for Fujian's social and economic development, according to an official of the province's development and reform commission.

Key projects serve as an anchor for stable economic growth. In recent years, Fujian has beefed up efforts to increase effective investment, improve investment structure, enhance efficiency and maintain sound growth of investment to improve consumption and people's well-being and support industrial restructuring and balanced economic growth.

Due to the local government's efforts, Fujian had cultivated 19 industrial clusters by the end of 2019, each with an output value of more than 100 billion yuan, double the figure in 2015.

China Lithium Battery Technology Company (CALB) will spend 5 billion yuan to build an intelligent and green industrial base in Xiamen.

"Its annual production capacity is expected to reach 10 GWh, and the project will generate an annual output value of 8 billion yuan when it begins operating. The new project will advance the development level of Xiamen's new energy vehicle (NEV) industry, and help the city introduce more NEV manufacturing enterprises," according to authorities of CALB.

With a total investment of 8.6 billion yuan, the Collaborative Innovation Park of Digital Economy for Cross-Straits Youth will be located in the Pingtan Comprehensive Experimental Zone, which is aiming to become a hub for digital high-tech enterprises from across the Straits.

Fujian's economy has been resilient despite the impact caused by COVID-19. Official data shows that total investment in key projects reached 549.4 billion yuan in 2020, 11 percent higher than in 2019, and accounted for 109.8 percent of the province's annual plan.