Pingdu city in Qingdao, Shandong province held a ceremony for the signing of agreements on 48 key industrial projects involving a total of 22.8 billion yuan ($316 million) in investment.

This move is set to boost the city's economy in the first quarter, stimulating the city's high-quality development.

Among the confirmed projects, 41 are related to key industrial chains in fields such as intelligent manufacturing, high-end chemicals, food and beverage, and advanced metal materials, accounting for 85.4 percent of the total. There are 17 projects with investment exceeding 500 million yuan and three large projects with investment exceeding 2 billion yuan.

The confirmed projects will be located in various towns and districts, including the Pingdu section of the Jiaodong Air Economic Demonstration Zone, Pingdu Economic Development Zone, and Xinhe Chemical Industry Base.

"This year, we will focus on the development of advanced manufacturing clusters and deepen precise investment promotion in 10 key industrial chains with an aim to land more than 150 key industrial projects within the year," said Che Nan, director of the Pingdu Investment Promotion Center.

To promote investment, local authorities have made efforts to improve the business environment with a task force in place to coordinate the necessary resources.