More than 1,200 Hubei businesspeople, based in China and overseas, discussed the economic development of the province, and they also signed contracts for 290 projects with a total investment of more than 624 billion yuan ($102.4 billion), at the first Hubei Merchants Conference which was held in Wuhan, capital of Hubei province, on Nov 5.

The conference participants released a "Declaration of Hubei Merchants" and they also launched an official website which will include updated information for the province's business community.

In addition, the conference organizers held a forum which gave Hubei businesspeople from around the world an opportunity to discuss global development.

Seventy percent of the contracts signed during the event concerned investment from Hubei entrepreneurs, and the projects covered many industries, including high-tech, featured agriculture, new energy and the service industry.

One of the contracts involved Zall Holdings, which aims to invest 30 billion yuan in a general aviation project in Wuhan's Huangpi district, with a focus on general aviation aircraft manufacturing, processing and maintenance.

Chen Dongsheng, president of the Hubei Merchants Federation, said the entrepreneurs are also encouraged to invest in other provinces and countries.

Edited by Niva Whyman