An aerial view of Guilin city. [Photo by Wen Shaojun/chinadaily.com.cn]

Guilin city in Guangxi Zhuang autonomous region signed 12 projects with an overall investment of 29.9 billion yuan ($4.47 billion) during a matchmaking event held in Shenzhen, Guangdong province on Nov 4, topping the region in terms of the project number signed.

The event was expected to boost cooperation between Guangxi and the Guangdong-Hong Kong-Macao Greater Bay Area in the establishment of the new development paradigm of dual circulation, in which domestic and overseas markets reinforce each other with the domestic market as a mainstay.

Twelve projects in various sectors spanning electronic information, smart manufacturing and new energy as well as trade and logistics involve six Fortune Global 500 and six industrial leading companies. 

Gree Electric Appliances has inked a deal with the Guilin government to invest 10 billion yuan in Guilin to build a smart manufacturing production base. The project will be built in two phases as the first phase will feature the production of products such as dehumidifiers, household air conditioners and household appliances while the second phase will mainly feature products spanning central air conditioners and new energy batteries.

It is estimated that the annual output value of the project's first phase will reach 5 to 6 billion yuan once operational, further lifting Guangxi's ranking countrywide in high-end equipment manufacturing and contributing to Guangxi's high-quality economic growth.