Dongyang, a county-level city in Jinhua, Zhejiang province, recently launched an action plan to develop seven key industrial chains to build a modern industrial system.
The chains include two flagship sectors — magnetic materials and biopharmaceuticals & implantable medical devices, and five major sectors — smart photovoltaics & new energy storage, electronic chemicals, aerospace, textiles & apparel, and integrated circuits & IT applications.
The magnetic materials industry in Dongyang, which was formulated in the late 1970s, has grown into one of China's largest producers of ferrite and rare earth permanent magnetic materials. As of the end of 2023, the city had over 150 magnetic materials companies, including 69 above designated size, generating an output value of 23.2 billion yuan ($3.20 billion).
In the first quarter of this year, these enterprises achieved an output value of 5.89 billion yuan, making up 31.6 percent of the city's total large-scale industrial output.
Authorities in Dongyang aim to make substantial progress in enhancing the seven industrial chains by 2026, targeting a large-scale industrial output value exceeding 72.4 billion yuan and establishing four key industrial chains, each with an output value surpassing 10 billion yuan.
