Yinchuan in northwest China's Ningxia Hui autonomous region has been upgrading the structure of its new materials industry, particularly enterprises that produce photovoltaic silicon, industrial sapphire, and third-generation semiconductors, to promote high-quality development and build clusters worth hundreds of billions of yuan.
Since 2021, the Ningxia branch of China Development Bank (CDB) has issued loans totaling 2.03 billion yuan ($320 million) to new materials companies, including Ningxia Tayho Aramid Fiber Co. and Ningxia Sinochem Lithium Battery Materials Co., providing financing support for their industrial development.
Ningxia's new materials industry is looking to achieve an output value of more than 200 billion yuan (about $31 billion) by 2025, with an average annual growth rate of about 20 percent, according to a news conference on Friday.
Region looks to high-tech to become bigger player in milk products market
The beef cattle and Tan sheep industry is one of nine key industries in Ningxia with great regional advantages and huge potential.
The green food industry in Ningxia is where food is produced, processed, circulated and consumed following the concept of green development to ensure that the products' value, industrial efficiency and farmers' income are increased.
Ningxia has made great efforts to develop new materials focusing on photovoltaic and lithium-ion battery materials, high performance fibers and new chemical materials.
Ningxia has developed electronics and information technology industries involving photovoltaic manufacturing, lithium-ion batteries, intelligent terminal manufacturing, semiconductors and other electronic components.