Quzhou city, in East China's Zhejiang province, is focusing on expanding its advanced manufacturing industry and it held a signing ceremony on May 17 for a number of projects in the sector which will be developed in the first half of 2021.

A total of 22 projects were signed during the event, with a total investment of 66.23 billion yuan ($10.29 billion). The projects are expected to generate annual operating income of about 126.8 billion yuan.

Compared with the projects launched in the same period last year, the total amount of planned investment has increased by 469 percent, projected annual operating income will increase by 431 percent and annual tax payments are expected to rise by 409 percent.

In recent years, the city has identified seven leading industries it wants to attract, to boost the development of advanced manufacturing in Quzhou.

It wants to have companies base themselves there that are operating in new fluorine and silicon materials, new lithium battery materials, electronics and chemical materials, the light industry, intelligent equipment manufacturing, chips and sensors, biological medicines and the health sector.

Xu Xuwei, head of the investment promotions department of the Quzhou Intelligent Manufacturing New City, said that by introducing such projects, the development of the advanced manufacturing industry would also expand the innovative workforce of the city.