A rendering of the Linding ultra-precision micro-nano optical industry base in Rugao, Nantong, East China's Jiangsu province. [Photo/WeChat account: rugaofabu]

The Linding ultra-precision micro-nano optical industry base, with a total of 2 billion yuan ($296.54 million) in investment, started construction on Aug 9 in Rugao, Nantong, East China's Jiangsu province, according to local media reports.

The base is being jointly built by Shanghai Jiaotong University and Rugao. Covering an area of about 100 mu (6.67 hectares), it will produce optical core components applied in the biomedical industry, intelligent vehicles, consumer electronics, and high-end semiconductor manufacturing.

After completion, it is expected to produce 100 sets of precision optical manufacturing equipment, 200 sets of optical testing instruments, 5,000 sets of precision optical molds, 12 million glass based optical components, and 52 million plastic base element optical components.

The taxable sales are expected to reach 2 billion yuan and the tax payments are expected to reach 80 million.

In the third quarter of this year, 10 major projects worth more than 100 million yuan each will start construction in the city, with a total investment of over 4.12 billion yuan.