The Shandong city of Tai'an commenced construction works on 18 technology projects on April 28. The projects, which will be built at the Tai'an High-tech Industrial Development Zone, have a planned investment of 10.5 billion yuan ($1.7 billion) and will involve fields such as software and information, biomedicine, new materials, new energy, smart grid equipment and mine automation.

Upon completion, the projects are likely to bring in 18 billion yuan in sales revenue annually and contribute over 1.6 billion yuan in taxes.

The projects feature large investments, technological innovation and bright market prospects. They are expected to help spur the development of emerging industries and the city's industrial restructuring, transformation and upgrading.

Tai’an has a particular aim of building a domestically renowned high-end software industrial park focusing on software research and development in fields of smart city, the internet of things, big data, finance and healthcare.

It will also introduce an up-to-date production line from overseas to forge a first-class production facility for blood products.