A total of 101 key projects worth 22.01 billion yuan are signed into effect in Ningbo, Zhejiang province on Jan 29. [Photo/cnnb.com.cn]

Ningbo, a coastal city in East China's Zhejiang province, saw 101 key projects signed into effect on Jan 29, local media outlets reported.

The projects attracted investment totaling 22.01 billion yuan ($3.24 billion), with five of the projects receiving investments of over 10 billion yuan each and another 45 receiving investments of over 5 billion yuan each.

There were 66 projects related to manufacturing, receiving a total investment of 130.13 billion yuan. Eight of the projects were invested in by foreign enterprises, with a contracted foreign investment of $2.02 billion.

Ningbo is the second largest economy in Zhejiang after the provincial capital Hangzhou. The city registered a GDP of 1.57 trillion yuan in 2022, with a year-on-year growth of 3.5 percent, 0.5 percentage points higher than the national average and 0.4 percentage points higher than the provincial average. Its GDP accounted for more than 20 percent of the province's total for the first time, at 20.2 percent, an increase of 0.3 percentage points over 2021.