Quzhou – the city in East China's Zhejiang province – has reportedly been attracting a number of well-targeted and high-quality new materials industry projects of late.

Plans are for the new materials industry cluster in the city to be expanded and for the municipality to provide solid support for the realization of common prosperity in Zhejiang.

Since last year, it is estimated that the city has attracted a total of 125 new materials chain projects, with a cumulative investment of 95.4 billion yuan ($1.48 billion).

Of these, the new Zhejiang Shidai Lithium Materials International Industrial Cooperation Park – with a total investment of 47.9 billion yuan – is the largest single investment in the history of Quzhou's manufacturing projects. It is projected to achieve an industrial added value of 20 billion yuan after completion.

The project is reportedly divided into seven sections – including sections for new-energy lithium materials, battery-grade nickel sulfates and new power batteries.

"The establishment of the Zhejiang Shidai Lithium Materials International Industrial Cooperation Park is conducive to the further integration of materials for lithium batteries industry in our city," said a senior official at Quzhou Smart New City.

"It will drive the transformation and upgrading of the whole industry supply chain for key raw materials for lithium batteries," the official added.