A rendering of a stainless-steel factory on Jinboyu Isalnd in Zhoushan, East China's Zhejiang province. [Photo/WeChat account: zjzsqdxq] 

The construction of a stainless steel factory on Jinboyu Island in Putuo district of Zhoushan, East China's Zhejiang province, started on Oct 26. 

The two-billion-yuan ($278.81 million) facility, which is funded by Zhejiang Tsingshan Holding Group, will be completed by the end of June 2024. 

The facility is expected to produce 700,000 metric tons of precision stainless steel strips annually and generate an output value of 10 billion yuan, according to local media reports. 

Listed among the major provincial projects of 2022, the facility will be a leading manufacturing base for precision stainless steel products in East China. 

Building the facility is part of efforts by authorities to take advantage of the island's geographical location to advance its marine economy and achieve common prosperity.