Fifteen projects with a total investment of 13.5 billion yuan ($1.2 billion) were signed in the Dinghai subarea of the Zhoushan area of the China (Zhejiang) Pilot Free
Trade Zone in Zhoushan, East China's Zhejiang province on July 25.
Ten of these projects are related to manufacturing, three are related to oil products and two are related to healthcare tourism.
The manufacturing projects are related to areas such as new materials, high-end equipment, marine biomedicine, marine industry, mechanical manufacturing.
According to the agreement, Zhejiang Petroleum & Chemical Co Ltd is expected to invest 1 billion yuan to build a 375-mu (25 hectares) oil depot in Dinghai.
Chen Deshui, president of Zhejiang Huakang Pharmaceutical Co Ltd, said that he decided to set up a project in Dinghai district largely due to its deep-water port, logistics, infrastructure and friendly business environment.
These projects will play an important role in boosting the real economy in the district, said a local official.