Things are clearly on the rise in Taixing – a county-level city administered by Taizhou, in East China's Jiangsu province – with a raft of major service industry projects currently under construction.
At present, service industry projects for production are under rapid construction. These include a propane tank expansion project by SP Chemicals (Taixing) Co Ltd – extending storage capacity by 240,000 cubic meters – and a smart port construction project. Both involve investments of over 100 million yuan ($14.81 million).
Meanwhile, service industry projects for improving city functions are also accelerating their pace of construction. These include Outlets, Yingxing Square and other projects, with investments of over 100 million yuan each.
A liquid hydrocarbon storage project by Zhongran Yanchang Storage Co Ltd is said to be the first 10-billion-yuan one in Taixing.
Construction of the liquid hydrocarbon storage project is taking place. [Photo provided to etaizhou.gov.cn]
The project is projected to not only meet the demand for extended chemical PDH, but also for liquefied petroleum gas in the East China region. When it starts operations, it will generate annual sales revenue of 3 billion yuan and profit and tax of 30 million yuan, said Gao Donghua, general manager of the company.
Last year, Taixing started 47 new service industry projects costing over 10 million yuan each, including 16 projects costing over 100 million yuan each. It also completed 39 new projects over 10 million yuan each, including 15 projects over 100 million yuan each.