Chongqing - In the first quarter of this year, southwest China's Chongqing Municipality has inked 70 major projects with a total contract investment value of over 208 billion yuan (about 30 billion U.S. dollars), said local authorities.

This aerial photo taken on March 13, 2023 shows a view of a construction site of the Chongqing Donggang automotive electronics industrial park in southwest China's Chongqing Municipality. (Photo/Tang Yi, Xinhua)

A joint signing ceremony was held Thursday in the city's Jiulongpo District. These new investments will be spread across key industries including intelligent and networked new energy vehicles (NEVs), integrated circuits, biomedicine, software information, as well as scientific and technological innovation.

Over 78 percent of the projects involve deals of more than 1 billion yuan. Notably, five of the projects signed are for investments exceeding 10 billion yuan, according to the district's government.

Chongqing is expected to build more industrial bases, such as new energy power battery and pharmaceutical production bases, in the future. Ten projects concerning intelligent and networked NEVs with contract investment of about 31.7 billion yuan were inked, including a construction plan for the T3 travel service company's regional headquarters for its business in western China.