Hangzhou introduces 48 major construction projects worth more than 88 billion yuan ($12.69 billion) at a ceremony held at the construction site of the Alibaba Damo Academy's Nanhu branch in Yuhang district, Hangzhou, on March 3. [Photo/zj.zjol.com.cn]

Hangzhou introduced 48 major construction projects worth more than 88 billion yuan ($12.69 billion) at a ceremony held at the construction site of the Alibaba Damo Academy's Nanhu branch in Yuhang district, Hangzhou, on March 3.

A total of 15.69 billion yuan is expected to be invested in 48 construction projects, which include 24 projects in the industrial and service sectors, 13 projects involving urban infrastructure, four transportation projects, and seven projects related to social development.

The Alibaba Damo Academy's Nanhu construction project is located at the Nanhu Science Center in Yuhang district. The project is expected to cover an area of 2,592 hectares, and it has received nearly 20 billion yuan in investment.

In 2017, Alibaba Group announced at the Hangzhou Apsara Conference that it will build a global research institute - - the Alibaba Damo Academy. The group said that it would invest more than 100 billion yuan in basic scientific and technological research conducted at its Damo Academy.

The Nanhu branch of the Alibaba Damo Academy is expected to generate 2.47 billion yuan in annual output and will focus on research into big data, AI computing, driverless technology, and quantum computing.

In addition, an industrial complex will be built in Binjiang district.

The complex is being built in response to the New Manufacturing Plan released by Hangzhou authorities last year.

The Hangzhou government hopes that the plan will drive the growth of both the digital economy and the manufacturing industry.

Officials from Binjiang district said that standardized factories and workshops will be built in the complex to carry out research on the intelligent manufacturing and production of communication equipment.

Another construction project, to be carried out in Xiaoshan district, will focus on the manufacture of core components for new energy vehicles. The manufacturing center received 1 billion yuan in investment.

The center is expected to produce 390,000 sets of core assemblies for new energy vehicles and generate 2 billion yuan in revenue per year.