A mass contract signing ceremony, involving many billions of dollars, is held in Lishui on Feb 14. [Photo/WeChat account: lsnews]

A mass contract signing ceremony for 89 major projects to be launched in Lishui in East China's Zhejiang province – with a huge combined total investment of 120.53 billion yuan ($17.63 billion) – was held in the city on Feb 14, local media reported.

The projects cover such fields as semiconductors, precision manufacturing, health and medicine, the fashion industry, the digital economy – as well as premium agriculture, the cultural industry, tourism sector, forestry industry and the water economy.

There are two projects with investment of over 10 billion yuan each. These are Ferrotec Group's semiconductors project costing 12 billion yuan and the new health project being constructed by the Hangzhou Qiantang New District Industrial Development Group, to cost an estimated 10 billion yuan.

The total land area of the semiconductors manufacturing plant is about 400 mu (26.67 hectares). The total investment of the first phase is 8.5 billion yuan and on completion, phase I is projected to achieve an annual output value of 2.2 billion yuan and pay 200 million yuan in taxes per year.

Meanwhile, the health project is expected to fully tap local ecological and biomedical industry resources in Lishui.

Plans are for it to introduce a number of high-end biomedical manufacturing, medical equipment production, medical beauty and traditional Chinese medicine projects in five years.

Moreover, it will build a life and health industry cluster with total annual output value exceeding 10 billion yuan.