A ceremony announcing the commencement of 105 major projects in Ningbo, East China's Zhejiang province, is held on Jan 2 at the Intelligent Terminal Industrial Park (Phase 2) of the city's Hangzhou Bay New Zone. [Photo/zj.zjol.com]

A ceremony to announce the commencement of 105 major projects in Ningbo, East China's Zhejiang province, was held on Jan 2 at the Intelligent Terminal Industrial Park (Phase 2) of the city's Hangzhou Bay New Zone. 

The projects involve a total investment amount of 116.6 billion yuan ($17 billion). This year's target is to complete 22.6 billion yuan of the investment. 

They cover modern services, industries, urban infrastructure, agriculture, social development, transportation and energy. 

Notably, modern service projects boast the largest number and investment amount, at 37 and 54.4 billion yuan respectively.

The Intelligent Terminal Industrial Park (Phase 2), worth 1.6 billion yuan, focuses mainly on the integrated circuit and software industries, and is expected to develop into an influential industry park in the Yangtze River Delta. 

"Phase 1 of the park currently houses 13 companies and has introduced 4.95 billion yuan of investment. Phase 2 is expected to introduce 8 to 9 billion yuan," said a local official.

Ningbo arranged 122 projects in 2018, which are worth 431.4 billion yuan. One hundred and fourteen, or 93 percent, completed their annual investment target.