Liaoning province revealed its first round of the year’s public-private partnership (PPP) projects on June 14, in a bid to push forward supply-side structural reforms and boost economic growth.

Total investment in these 12 newly-launched PPP projects is 40.38 billion yuan ($5.93 billion), covering such sectors as public services, infrastructure construction, environmental protection and tourism.

PPP projects are collaborative projects between governments and private companies that are mainly funded and operated by the latter.

The 12 PPP projects were selected from 35 projects jointly chosen by the National Development and Reform Commission, China Development Bank, China Construction Bank and Liaoning Provincial Development and Reform Commission last October, which is in line with Liaoning province’s economic development goals and industrial development direction.

To push forward the smooth implementation of these PPP projects, the National Development and Reform Commission will organize experts to design projects and agree formal contracts. Liaoning province will also invite the National Development Bank and China Construction Bank to formulate a reasonable financing scheme to reduce financing costs.