A rendering of Ningbo Kunpeng ecological industrial park funded by Huawei Technologies Co Ltd in Ningbo, East China's Zhejiang province. [Photo/cnnb.com.cn]

Twenty-eight projects with a combined investment value of 134.5 billion yuan ($20.69 billion) began construction in Ningbo, East China's Zhejiang province, on March 17, according to local media reports.

The projects are primarily involved in sectors including advanced manufacturing, modern services, urban infrastructure and public services.

The most notable one is the Ningbo Kunpeng ecological industrial park funded by Huawei Technologies Co Ltd.

Situated in the Ningbo National High-Tech Zone, the 5-billion-yuan park is expected to house more than 100 companies related to Kunpeng processors and 5G technologies that generate an annual output value of over 10 billion yuan.

Investments are a key engine fueling local social and economic growth. This year, a total of 363 projects with a combined investment value of 974.1 billion yuan will break ground in Ningbo.

The city plans to initiate construction on about 700 projects worth around 2 trillion yuan during the 14th Five-Year-Plan period (2021-25), said a head official from the Ningbo Municipal Development and Reform Commission.

The projects are expected to improve the city's innovation capability, foster modern industries, optimize ecology and environment, improve people's livelihoods and fuel its drive to become a comprehensive transportation hub.