Two Fortune Global 500 companies, Dongfeng Motor Corporation and China Resources (Holdings) Co, have furthered cooperation with Dongying, Shandong province.

A project signing ceremony was held on March 28 in Dongying, which was attended by Zhao Zhiyuan, mayor of Dongying, Tang Yanfa, CEO of the China Resources Pharmaceutical Industry Investment Fund, and Lu Feng, general manager of the Dongfeng Asset Management Co.

A major project signing ceremony is held on March 28 in Dongying, Shandong province. [Photo/WeChat account: dyqgov]

The China Resources Pharmaceutical Group will invest more than 1 billion yuan ($141 million) in the Dongying Tiandong Pharmaceutical Co to help Tiandong expand and build biomedical and medical device industrial clusters.

Tang said that the company chose Dongying not only because Tiandong accords with CR Pharmaceutical's industrial chain development layout, but also for the efficient and convenient services provided by the local government.

Tang said that the strong business environment and government services give the company confidence in its future.

Dongfeng Asset Management Co plans to invest about 1 billion yuan into the building of a new energy intelligent agricultural machinery industrial base in Dongying. The industrial base is expected to reach the designed production capacity in 2025 with an annual output of 100,000 vegetable production machines, 50,000 plant protection machines, and 50,000 intelligent agricultural machines valued at 13.5 billion yuan.

In recent years, Dongying has been ramping up efforts to boost investment, facilitate business, and improve government service in a bid to promote the city's high-quality development.

This year the city will carry out 130 major projects costing a total of 51.93 billion yuan.