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Representatives sign deals to invest in Shaoxing, East China’s Zhejiang province, during a signing ceremony. [Photo/WeChat account of Shaoxing]

Shaoxing’s economy is rebounding after a series of major manufacturing projects began construction following the end of the recently concluded week-long Spring Festival holiday.

The biological enzyme production base of Zhejiang SyncoZymes Bio-pharmaceutical Co Ltd is among these projects that recently started operations.

According to Lyu Jianguo, general manager of the company, the first-phase of the production base, which has 2 billion yuan ($294.6 billion) in investment, is expected to generate 1.6 billion yuan in annual sales.

The base will be further expanded in the near future and is expected to become a modern high-end biopharmaceutical base.

By Feb 2, construction on 33 industrial projects with 100 million yuan or above in investment had begun in Shaoxing.

This year, Shaoxing aims to execute over 100 major manufacturing projects, each with an investment surpassing 1 billion yuan, with the ultimate goal of surpassing 90 billion yuan in industrial investment for the whole year.

Last year, the city implemented 93 projects that each had over of 1 billion yuan in investment, of which eight had an investment exceeding 10 billion yuan.