A total of 63 investment projects valued at 47.2 billion yuan ($7.26 billion) break ground in Taizhou in East China's Zhejiang province. [Photo/taizhou.com.cn]

Taizhou aims to develop itself into a national demonstration city for the private economy during the 14th Five-Year Plan (2021-25) period, according to a recent municipal Party congress.

The city will seek further growth in the private economy with a prime focus on the manufacturing sector. It has rolled out a three-year action plan to promote digitalization in local manufacturing enterprises.

In late August last year, Taizhou reached a partnership with Siemens to build a manufacturing digitalization development center in the city. The new facility, which can accommodate advanced digital service providers from home and abroad, will fuel the digital transformation of the advanced manufacturing sector.

Meanwhile, the city has rolled out an ambitious plan to foster strategic emerging industries including numerically-controlled machine tools, photo-electricity and new materials.

In 2020, 37 mergers and acquisitions involving a total capital of 42 billion yuan were completed in the city.

Seven companies made initial public offerings in 2020, bringing the total number of listed enterprises in Taizhou to 62. The city looks to raise this figure to above 100 in the next two years.

Taizhou's economy has gotten off to a good start in 2021.

A total of 63 investment projects valued at 47.2 billion yuan ($7.26 billion) broke ground in the city on the first work day of the new year.

These projects primarily involve advanced manufacturing, infrastructure, urban development and public services.