The Qidong government and Huafeng Group recently signed an agreement for a project in biodegradable new materials with total investment of 10 billion yuan ($1.41 billion). 

Huafeng Group leads the world in biodegradable new materials. Some of its products are the first of their kind worldwide, and the group was the first to make efficient use of carbon dioxide to produce biodegradable materials for industrial applications.

Construction on the project is expected to start in October and be based in the Lyvsi port development zone in Qidong, as a part of Huafeng (Qidong) Industrial Park. The project's annual taxable revenue is expected to exceed 10 billion yuan.

In addition to this project, a microfiber project is also part of the industrial park, and has received investment of 20 billion yuan. It earned over 2.2 billion yuan in taxable revenue in 2019.

After the two projects reach full production capacity, the total annual taxable revenue is expected to be as much as 30 billion yuan.

Qidong is striving to promote both epidemic prevention and investment introduction amid the coronavirus outbreak. Construction on 40 major projects in the city started Feb 24, with total investment of 45 billion yuan.

In addition, the county-level city is furthering cooperation with businessmen in Shanghai and south Jiangsu province through online video conferences, WeChat and phone calls.