Ningbo in eastern Zhejiang province signed agreements with a series of Beijing-based companies and institutions on Dec 16 to move forward with 30 projects worth a combined 67.33 billion yuan ($9.68 billion).

Much of this avalanche of new investment is centered on the cultural and creative industries, with 18 of the projects worth a total of 23.85 billion yuan focusing on these fields.

Major projects in these areas include Bloomage International Investment's plan to jointly invest 10 billion yuan with Ningb's Dongqian Lake Resort to build a tourist town in Yinzhou district integrating cultural, health and sports activities and services.

Leading Chinese real estate developer Vanke also plans to collaborate with Ningbo Daily to create the city's first education complex.

Other projects are planned in a number of different areas, including high-end manufacturing, innovation-driven enterprises and scientific research institutions.