Xiamen launches 30 key projects worth 23.8b yuan

The coastal city of Xiamen in East China's Fujian province launched 30 key projects with a combined investment of 23.8 billion yuan ($3.68 billion) on March 2 in various fields such as strategic industries, public works projects and infrastructure.

Starting this year, Xiamen has ramped up its efforts to increase effective investment, improve the structure of investment, boost general efficiency and maintain sound investment growth.

The goal is to expand consumer spending and improve people's standard of living and quality of life, as well as to support the city's industrial restructuring and balanced economic growth.

Statistics showed that of the 30 key projects, 10 are industrial projects valued at 12.6 billion yuan, accounting for more than 50 percent of Xiamen's total planned outlay.

Local authorities said that the projects will further promote Xiamen's industrial transformation and upgrading, improve the city's public infrastructure, with the flow-on effect of it boosting people's civic pride, as well as their general sense of happiness and security.

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,” according to a company spokesman.

"The new project will advance the development level of Xiamen's new energy vehicle industry and help the city introduce more NEV manufacturing enterprises," the spokesman added.