Two industrial projects in Xinghua city – located in East China's Jiangsu province – are regarded as major provincial projects for the current year.
One project is a stainless-steel high-end refined wire production plant operated by Tenglong Stainless Steel Group, one of top 500 private manufacturing ventures in China.
It has a total investment of 1.5 billion yuan ($218.96 million) and a construction area of about 85,000 square meters.
Plans are for the first phase to produce high-end fasteners for the nuclear power and aerospace sectors and stainless-steel wire plant for auto parts, with combined annual sales expected to reach 1.4 billion yuan.
Phase II will focus on stainless steel new materials and downstream products. It is projected to generate annual invoiced sales of 2 billion yuan when it is ramped up to full operations.
After the project is finished, the view is that Xinghua will be a leader in the manufacturing of stainless steel products in China.
Another major project is to build a stainless-steel comprehensive trade demonstration zone. This will integrate trade, intelligent warehouses, modern logistics, e-commerce offices, exhibitions and displays, financial services, living support and comprehensive management functions.
The project is to be located in Dainan, a town well known for its stainless-steel products in China.
The total investment of the project is 4 billion yuan, with a total construction area of about 550,000 sq m.
It is predicted to manufacture 4 million metric tons of stainless steel products, with a transaction value of about 100 billion yuan.