CECEP Valiant Company plans to invest 360 million yuan to build a research and development building and supporting buildings in the Yantai economic and technological development zone. [Photo/shm.com.cn]

Construction of 62 key projects with a total investment of 48.7 billion yuan ($7.67 billion) started in Yantai, East China's Shandong province on Jan 16, and the local government plans to invest 13.7 billion yuan in project development within this year.

These projects consist of high-end industries, biological medicine, the service sector, infrastructure and livelihood improvement.

A biomedicine project that has a total investment of 4.3 billion yuan has started construction in the city, and the project includes an international medical innovation and application base and a stem cell and regenerative medicine base. Both of the two bases are expected to have an annual output value of 26 billion yuan after being put into operation, which will give a boost to Yantai's biological medicine industry.

CECEP Valiant Company plans to invest 360 million yuan to build a research and development building and supporting buildings in the Yantai economic and technological development zone, which will become operational by the end of 2023.

"It is the sound business environment and better government services in the zone that have made it easier for CECEP Valiant Company to launch the project in Yantai," said Huang Yiwu, president of the company.

City authorities said that the 62 key projects are an important move for Yantai to speed up replacing old growth drivers with new ones, which will help the city nurture new businesses and advance high-end industries.