Deals for five projects with a total investment of 4.3 billion yuan ($636.8 million) were signed on Aug 1 in Daishan county in Zhoushan, East China's Zhejiang province.
The projects, which are expected to boost the development of the county's petrochemical industry, are related to fields including new high-performance resin materials, equipment manufacturing, high impact polystyrene and petrochemical supporting facilities.
Lu Jianbo, the head of the county, said that Daishan will build three industrial parks which focus on the petrochemical recycling economy, new materials and the operation and maintenance of green petrochemical equipment. The county has launched 47 petrochemical projects to date.
He added that local authorities will ramp up efforts to build a friendly business environment by building transportation facilities and offering efficient government services to attract more petrochemical enterprises to establish a presence in the county.
The output value of the county's petrochemical industry in the first half of this year was 121.93 billion yuan, a year-on-year increase of 87.3 percent, and accounting for 94.5 percent of the combined output value of industrial enterprises above designated size in Daishan, official statistics show.