The 22nd China Zhejiang Investment and Trade Symposium opened online in Ningbo, Zhejiang province on June 9.

A total of 179 projects worth 363.1 billion yuan ($51.36 billion) were signed at the opening ceremony, including 81 foreign-funded projects worth $13.7 billion.

The projects focus on industries such as high-end equipment manufacturing, new energy, bio-pharmaceuticals, life sciences, digital economy, technological innovation and internet technologies.

The event lasts seven days. 

Construction on a hydrogen energy project worth $1 billion funded by the US-based Air Products and Chemicals Co also commenced on the same day.

Feng Yan, vice-president of Air Products and Chemicals China, said the progress on the project has been going smoothly because local authorities resumed work early and many administrative procedures have been completed online.

Feng added that the company is very confident in China's huge market potential.

Schott Xinkang Pharmaceutical Packaging Co, a joint venture between the Germany-based high-tech giant Schott and the medicinal glass container producer Xinkang in Jinyun county, Lishui, will invest $43.9 million in building automated glass tube production lines in the county. This is the fourth time that the company has increased investment in the county.

Hu Yueming, deputy general manager of the company, said many other areas had urged the company to invest, but the company decided to stick with Jinyun as they believe the county has a sound business climate.

"The local government has been offering efficient services to us since we started investing in the county in 2012," said Hu.

The UK-based bio-pharmaceutical giant AstraZeneca will set up its East China headquarters in Xiacheng district, Hangzhou.

"The local government offered a lot of support for this project, and we value the market in Zhejiang very much," said Huang Bin, vice-president of AstraZeneca China.

AstraZeneca generated 35 billion yuan in sales in China last year, 2.5 billion of which was from Zhejiang, making the province the second largest market for the company.