The city of Zhoushan, Zhejiang province has introduced 17 projects funded by Fortune Global 500 companies this year, according to a project promotion conference held on Dec 6.

Since the beginning of this year, high-ranking officials in the city have been dedicated to seeking investment from large companies. So far, the city has brought in a total of 60 projects worth over 100 million yuan ($14.2 million) each.

By the end of October, over 48 billion yuan in investment had been spent, accounting for 96.1 percent of the city's annual target, while the number of newly registered enterprises reached 5,628, surpassing the city's target.

In the first eleven months, more than 52 million yuan of investment in provincial-level key projects had been put into use.

The Zhoushan Green Petrochemical Base has signed projects with three Fortune Global 500 companies.

The Saudi Arabian Oil Company, also known as Saudi Aramco, funded a project hosted by Zhejiang Petroleum & Chemical Co Ltd and established a long-term cooperative relationship with the base.

Zhoushan has been working industriously to solve problems for local enterprises and improve the city's business environment this year. In the first eleven months, a total of 2,468 problems were found, 2,411 of which have already been solved.

The city has set up a number of investment promotion offices in foreign countries. The office in Singapore has held discussions with more than 30 departments and associations as well as over 100 enterprises in the country.