A groundbreaking ceremony was held on Feb 21 for 17 key projects worth a combined 1.56 billion yuan ($247.14 million) in Longyou, a county in Quzhou, East China's Zhejiang province.

Among them, the first phase of Longyou intelligent logistics park, which also serves as a pulp futures trading base, was a milestone for the industrial development of Longyou and mountain counties in western Zhejiang, as it took advantage of Longyou's convenient location and transportation connections and the Qujiang river shipping lane.

The base received a total of 180 million yuan in investment, and will help enterprises solve problems related to pulp warehousing and facilitate pulp trading, which can reduce transaction costs and risks for enterprises.

Work also started on a 3.2-billion-yuan graphene and carbon fiber project. The project is expected to generate 10 billion yuan in annual output and 1.8 billion yuan in profit and tax revenue, which will promote the development of the carbon fiber material industry in Longyou.