Qingdao in East China's Shandong province. [Photo/WeChat account: opinionline]

The construction of 118 key projects at the Goertek Technology Industrial Park project site officially commenced on Nov 25.

The projects, which represent a combined investment of 78.7 billion yuan ($11 billion), cover multiple fields such as advanced manufacturing, urban renewal, and social and people's livelihoods.

According to statistics from the Qingdao Municipal Development and Reform Commission, the city had 387 key municipal construction projects worth about 1 trillion yuan planned in 2023.

The Goertek Technology Industrial Park project is an important project by Goertek Group in Qingdao. It will serve as a world-class advanced virtual reality, acoustics and optics Technology R&D test base.

Eighty-eight key projects in the Qingdao West Coast New Area worth 31.3 billion yuan in investments and covering fields such as advanced manufacturing, high-end chemical industry, marine economy and cultural tourism also started construction on the same day.

Among them is the Zhizhen memory chip manufacturing project worth 3 billion yuan.

The chips produced by this facility will greatly improve the performance of the internet of things and automotive chip memory industries.