An agreement on a major new 5G materials project -- valued at 30 billion yuan ($4.18 billion) -- was recently signed between Amer International Group and Rugao city in Nantong in East China's Jiangsu province, providing strong support for Rugao’s further high-quality development.

Since the beginning of this year, Rugao has put a lot of focus on attracting investment and introducing key projects, according to officials.

Fixed asset investment during the period increased by 7.1 percent year-on-year, with the growth rate higher than any other area in Nantong.

Construction work has started on a total of 72 projects worth more than 100 million yuan each, and five of them are provincial-level key projects, worth a total of 1.59 billion yuan.

Officials said that since the start of 2019, investment in the high-tech industry increased 19.7 percent year-on-year, and the tech investment accounted for 43 percent of total industrial investment.

During the eight months, $244 million in foreign investment has poured into Rugao, marking  year-on-year growth of 46.4 percent. More high-tech and innovative projects were introduced there -- including those in hydrogen energy, laser equipment, high-precision moulds and 3-generation semiconductor areas.

The city also made efforts to provide a better business environment. Officials visited more than 4,300 companies and hosted over 90 activities, to learn about their problems in development and attracting investment.

Officials said they tackled more than 300 appeals from companies and helped address 165 financing demands for funding of 2.5 billion yuan, giving strong support for development of businesses in the city.