Since the start of the year, in the face of the impact of the COVID-19 epidemic, the city of Quanzhou in East China's Fujian province has risen to the challenge, by adjusting and optimizing the structure of its investment in industry to achieve high-quality development.

To date, the city has organized and implemented 919 industry investment projects, with a total investment of 483.7 billion yuan ($68.45 billion) and the annual planned investment in 2020 was expected to be 92.3 billion yuan.

Officials said the proportion investment in the high-tech sector increased by 20.9 percentage points on the previous corresponding period last year.

Investment in traditional industries during the period was mainly concentrated on their intelligent transformation. Such investment accounted for more than 50 percent of the total investment in traditional industry projects, reaching about 9.2 billion yuan.

Among investments in the heavy chemicals sector, investment in intelligent transformation accounted for about 50 percent of the total investment, about 18 billion yuan.

The proportion of investment for high-tech equipment introduced into the high-tech industries accounted for more than 60 percent of the total investment during the period, about 16.5 billion yuan.

Officials said that in order to accelerate the growth of private enterprises, Quanzhou has organized various online project promotions and signings, striving to reduce the impact of the epidemic.

In addition, the city has actively guided businesses to communicate with provincial technological reform funds and financial institutions, allowing them to secure more low-interest medium and long-term credit lines and loans.