Quzhou in East China's Zhejiang has been working to build a production base for lithium battery materials as new energy vehicles gain in popularity worldwide.

The Zhejiang Times Lithium Materials International Industrial Cooperation Park, with an investment of 47.9 billion yuan ($7.53 billion), is currently under construction in the city's Smart Manufacturing New Town.

The industrial park will help further integrate four items necessary for the development of lithium batteries, including positive electrodes, negative electrodes, diaphragms and electrolytes, which will help transform and upgrade the industry from key lithium raw materials to the entire industrial chain of new energy vehicles.

Based on the current product price, the total output of the city's lithium battery material industry is expected to exceed 200 billion yuan within three years and become a global production base for lithium battery materials.