Tianjin starts projects worth 316 billion yuan

Tianjin has broken ground on 360 key projects with investment totaling to 316 billion yuan($49.6 billion), a result of the local government’s efforts to pursue progress and development.

"They will help bolster the city’s economic stability and sustained growth in the year,” local authorities said.

Among them are 106 livelihood projects with investment totaling 123.7 billion yuan, 99 infrastructure projects worth 107 billion yuan, 133 industrial chain expanding projects worth 52.2 billion yuan and 22 technological innovation projects worth 33.1 billion yuan.

Eighty percent of the investment was sourced from social capital, which shows the confidence and vitality of social entities.

There are 83 projects worth over one billion yuan, including the Tianjin Hospital of Union Medical College, accounting for 77 percent of the total investment.

Over one-third of the projects have settled in the coastal district of the city, as well as the Binhai New Area, accelerating the city’s "twin towns" development scheme.