(Yicai Global) Dec. 5 -- South China's Guangdong province will invest USD528.9 billion (CNY3.5 trillion) in 'coastal economic belt' development with the aim of transforming the region into a world-class strategic hub and coastal city cluster by 2020.

The initiative has 480 projects and Guangdong will introduce them over the next several days, state-run Xinhua news agency reported yesterday. It covers 20,900 square kilometers of central areas in 15 prefecture-level cities and offshore regions under the province's jurisdiction.

Guangdong has one of China's largest marine economies, and its coastal economy aids local social development, a government official said. However, coastal economic development in the province faces challenges including the absence of well-coordinated overall land-sea planning, underdeveloped transportation networks, and natural resource and environmental constraints. The new initiative seeks to address these issues.

Guangdong plans to host first-rate technology innovation centers, an advanced manufacturing base and modern service facilities by 2030.