Sany Group and the government of Wuxing district in Huzhou sign a cooperation agreement in Hangzhou, capital of East China's Zhejiang province, on Jan 15. [Photo/zjol.com.cn]

Sany Group and the government of Wuxing district in Huzhou signed a cooperation agreement in Hangzhou, capital of East China's Zhejiang province, on Jan 15.

According to the agreement, Sany will invest roughly 10.8 billion yuan ($1.66 billion) in Wuxing to establish a wheel loader plant, which is expected to deliver at least 30,000 loaders and generate more than 15 billion yuan in revenue each year.

Sany Group, a Chinese multinational headquartered in Changsha, capital of Central China's Hunan province, is one of the world's largest heavy equipment manufacturers. It already runs a massive branch company in the Zhejiang city of Huzhou, which manufactures various kinds of engineering machinery.

Liang Wengen, founder and chairman of Sany, attended the signing ceremony in person.

High-end equipment manufacturing is among the so-called "eight trillion-yuan industries", which have been the centerpiece of Zhejiang authorities' industrial policy since 2017.