A total of 38 projects were approved at a signing ceremony in Laixi on April 20. The projects, including 30 domestic projects and eight foreign funded ones, have a total investment of 12.5 billion yuan ($2.02 billion), according to qingdaonews.com.

These projects cover high-end services, advanced manufacturing, strategic emerging industries and modern agriculture.

The project constructed by Chengdu Zhixin Group will be a new card of Qingdao’s high-end services. It includes several functional zones for living and health care.

Nine advanced manufacturing projects were signed in the ceremony, with 3 billion yuan invested.

Qingdao Xinchangsheng Machinery Company, in Wangcheng Industrial Park, covers an area of 200 mu (133,333 square meters) with an investment of 800 million yuan. It is expected to yield 650 million yuan a year.

A shipping and parts manufacturing project, with a 580 million yuan investment and an area of 200 mu, will realize revenues of 650 million yuan a year.

Laixi is attracting more investors, with its advantages in traffic, resources and environment. Last year, 120 projects were signed and 148 projects were launched.