A factory belonging to Jiangsu Hongsheng New Materials in Hai'an, Nantong. [Photo/Nantong Daily]

In the first half of 2024, Hai'an launched 53 new industrial projects each worth over 100 million yuan ($13.83 million), providing a strong boost for the region's high-quality development.

Among these, Rankine Power Technology's low-temperature power station, with a total investment of 1 billion yuan, has completed the main structure of its Phase I factory and plans to start Phase II construction next month. The project uses magnetic suspension technology to convert waste heat from high-energy-consuming industries into electricity.

Jiangsu Hongsheng New Materials, a leader in high-end nylon manufacturing in Hai'an, produces 500,000 metric tons of PA6 spinning fiber and 500,000 tons of pellets annually. The project leader revealed that once the fourth phase is completed, it will achieve taxable sales revenue of 20 billion yuan.

Hai'an's excellent business environment, characterized by streamlined project approval processes and simplified documentation, has bolstered investor confidence. Hai'an has shortened the overall project approval cycle by about 30 percent and continues to foster multi-level, diverse forms of government-business interaction.

Chen Xuming, executive director of Rankine Power Technology, also highlighted Hai'an's advantageous location near Shanghai and the strong government support, which provides confidence in expanding operations in the city.