Binzhou, East China's Shandong province held groundbreaking ceremonies at 10 sites across the city on Sept 3 for 86 key projects, with total investment reaching 66.78 billion yuan ($9.34 billion).

According to Shang Libo, director of the Binzhou bureau of commerce, among the 86 projects, there are two industry-university-research integration projects, 17 involving the new energy and materials industry, eight equipment manufacturing projects, 10 modern service projects, as well as eight aluminum deep processing projects.

Shang added that the projects will help advance the city's efforts in replacing old growth drivers with new ones and promote its high-quality development.

"We chose to invest in Binzhou as it has prominent advantage in transportation location and it enjoys a good business environment," said Yu Zhi, president of a Beijing-based investment company.

The company has invested in building an e-commerce logistics park for agricultural products in the city's Bincheng district. After it is put into operation, the logistics park will offer nearly 10,000 jobs and generate an annual trading volume of 10 billion yuan.

Su Jiamin, president of Suzhou AOJ Auto Technology Co, said that his company will cooperate with Zouping-based Weiqiao Pioneering Group to build an automotive lightweight base of the whole industrial chain in Zouping, a county-level city in Binzhou.

Binzhou has been promoting investment, as well as project and talent introduction to fuel the city's high-quality development. In addition, it has also introduced measures to streamline administration, cut taxes and fees, improve the business environment, as well as boost market vitality, officials said.