Shenzhen kicked off the construction of 271 new projects for the fourth quarter of this year Tuesday, as the city strives to bolster investments and accelerates its economic and social development.

The total investment for these projects is approximately 314.9 billion yuan (US$43.87 billion), Shenzhen Special Zone Daily reported. These projects will see around 33.54 billion yuan spent in 2023.

The recent launch follows three earlier rounds of project kick-offs, which collectively saw a total of 823 projects getting under way.

The 271 projects are divided into two primary categories based on their funding sources. There are 170 government-funded projects, boasting a total investment of about 148.55 billion yuan, with an approximate investment of 10.02 billion yuan for this year. Additionally, there are 101 private-invested projects, with a combined investment of roughly 166.36 billion yuan and a planned investment of roughly 23.52 billion yuan for this year.

There are 49 projects in the industrial sector, including the Phase I project of the Hetao Shenzhen-Hong Kong Technology Innovation Cooperation Zone (HTCZ). The HTCZ project, which is scheduled to be completed in 2027, includes the construction of research and laboratory buildings, along with various facilities.

The primary focus of this round of project launches is advanced manufacturing, with substantial investments allocated to projects such as the Qianhai-Shenzhen-Hong Kong Smart Manufacturing Industrial Park, the Daily report said. The project encompasses pollution-free factories, research and development facilities, and dormitory buildings, with the goal of promoting the integration of modern service industries with manufacturing. It aims to accelerate the development of new technologies, business models, and services like “internet Plus” and artificial intelligence.

The city is also directing its investments toward infrastructure and projects that enhance residents’ well-being. Several schools and hospitals are now under construction, including demolition projects near Shenzhen People’s Hospital, which will help alleviate the hospital’s space constraints and improve the quality and capacity of medical facilities.

Shenzhen’s commitment to education is evident with the commencement of projects like Hongli School, Binhe Experimental School and Shenzhen Second Senior High School Shenshan School. These endeavors will not only increase new school admissions, but also enhance the city’s overall education quality.

In addition to these ventures, Shenzhen is rapidly expanding its Metro network. Construction began on Phase I of Line 17 and Phase II of Line 20, following the earlier commencement of work on Line 15 in the first half of the year.