More than 500 Taizhou businesspeople from home and abroad gather on Feb 3 to discuss the development of their hometown. [Photo/zjol.com.cn]

The city of Taizhou in eastern Zhejiang province has tapped into a rich vein of inbound investment: the enormous diaspora of former Taizhou residents who have set up businesses elsewhere.

The city signed deals for 35 projects worth 36.4 billion yuan ($5.3 billion) with a group of ex-Taizhou investors at the Taizhou World Business Convention on Feb 3.

The signed projects cover industries including equipment manufacturing, modern agriculture, tourism, health, finance and environmental protection, and are expected to play a vital role in pushing the city's development to the next level.

Around 1.5 million people hailing from Taizhou operate businesses in other countries and regions from Shanghai and Ningbo to Russia and the US, according to local media reports. The municipal government is looking to leverage this high-value community of business owners and encourage more capital and projects to "come home" to Taizhou over the next few years.

Many of the businesspeople returning to Taizhou to attend the convention were impressed by what they found. "I've heard a lot of good news about the fast development and tremendous changes that have happened in Taizhou," said Liao Chunrong, chairman of Shanghai Insight Holdings Group and a former Taizhou resident.

Taizhou's development is strengthening the confidence of local businesspeople and inspiring Taizhou business owners in other places to work harder, Liao added.