The place where the new material industry park will be established on Jintang Island. [Photo/zhoushan.cn]

Jintang Island in Dinghai district, Zhoushan, East China's Zhejiang province will build a new material industry park, officials announced at a signing ceremony held on Dec 21.

Located in the northern area of Jintang, the new material industry park has a total investment of 50 billion yuan ($7.85 billion), including no less than $800 million of foreign investment, according to the cooperation agreement between the Zhoushan municipal government and Zhejiang Rongsheng Holding Group.

The industrial park is expected to house projects related to chemical engineering and will generate more than 70 billion yuan in annual output.

Construction of the industrial park will begin in the first quarter of next year.

He Zhongwei, Party secretary of Zhoushan, said that construction of the industrial park is a significant response to the development of the maritime economy in Zhejiang.

He expressed hopes that Rongsheng will make full use of the regional advantages of Jintang to seize the opportunities brought by new material industry, and promised to continue supporting Rongsheng's development in Zhoushan.

Li Shuirong, president of Rongsheng, thanked Zhoushan for its support and said that the group will assist Zhoushan in strategic planning, including the expansion of the Zhoushan eco-friendly petrochemical base, and further extend its industrial chain.

Established in 1989, Hangzhou-based Rongsheng is one of the leading private enterprises in China's petrochemical industry. The company has assets worth 350 billion yuan.