Shandong province held a promotion meeting on Feb 14 to mark the start of construction for its 1,000 major projects with a total investment of more than 1.1 trillion yuan ($159.94 billion).

"The construction of major projects helps to expand domestic demand and optimizes supply. It is a 'stabilizer' and a 'strong engine' to enhance high-quality development," said Gao Fu, vice-president of the Shandong Academy of Macroeconomic Research.

Gao said that at the critical moment of stimulating economic recovery, Shandong demonstrates an unswerving determination to boost confidence.

Zhang Nianming, director of the Economic Research Institute of the Shandong Academy of Social Sciences, said that the projects highlight the green and low-carbon concept and deepen integration of innovation and the industrial chain.

The projects cover such sectors as industrial upgrading, infrastructure, platform construction and people's livelihoods. More than 60 percent of the industrial projects focus on electronic information, high-end equipment, new energy, new materials and biomedicine.

The BYD Smart Vehicle Components Supporting Industrial Park is a typical example. The total investment of the project is 7.34 billion yuan. It will include production workshops and scientific research plants for electrical components, frames, and instruments and electrical assemblies that serve smart vehicles.

Another project is the 300-megawatt compressed air energy storage demonstration project with a total investment of 1.5 billion yuan. After completion, it will improve the safety and reliability of the power grid and strengthen new energy consumption capacity. 

This year, Shandong has put more emphasis on the real economy, focusing on the fields of manufacturing, infrastructure, technological breakthroughs and people's livelihoods. It plans to launch 15,000 key projects at the provincial, city and county levels, with a total investment of 10 trillion yuan.