A total of 12 projects valued at 5 billion yuan ($755.7 million) will settle in Shenfu New Area of Liaoning province to drive economic development in the region and help the revitalization of the Northeast China industrial base.

The signing ceremony was held in the Urban Planning Exhibition Hall of Shenfu New Area on Dec 1. The projects include the sectors of big data, renewable energy and high-end equipment manufacturing.

The new projects are expected to speed up the progress of Shenfu New Area becoming a demonstration area for industrial transformation and upgrading in the Northeast China industrial base.

Shenfu New Area is located at the border between Shenyang and Fushun cities in Northeast China’s Liaoning province. It covers an area of 400 square kilometers and is divided into two parts. The northern part, which occupies 300 square kilometers, will be built into a scenic area; and the southern part will serve as an industrial cluster and residential community.