A circular economy industrial park will be built in Daishan county, Zhoushan, East China's Zhejiang province, according to a recent signing ceremony held in the county.

Daishan Economic Development Zone inked a cooperation agreement with Zhuoran (Zhejiang) Integrated Technology Co to establish a petrochemical circular economy industrial park.

With an investment of 8 billion yuan ($1.23 billion), the entire industrial park is expected to be put into operation by 2023, with a total annual production value of more than 12 billion yuan, becoming a new driver of Daishan's high-quality economic development.

Zhuoran plans to finish the construction of standardized plants in August this year and help companies that will settle in the industrial park carry out technological reform, said Wang Jianfeng, who is in charge of the industrial park's infrastructure construction.

In recent years, Daishan has been developing petrochemical industry based on its regional advantages and industrial planning. It has also attracted a group of petrochemical industry projects.