The groundbreaking ceremony is held for Jiangsu Zhehua Precision Manufacturing's new 1-billion-yuan plant, to be built in the Gangzha Economic Development Zone. [Photo/WeChat account: chongchuanonline]

A project to build an electronics component manufacturing plant broke ground in the Nantong Gangzha Economic Development Zone, or GZEDZ – located in Chongchuan district of Nantong, in East China's Jiangsu province – on Oct 25.

The plant, which will be owned and operated by Jiangsu Zhehua Precision Manufacturing Co Ltd, will occupy a 2.87-hectare site and will have a floor space of 56,000 square meters.

The plant will cost 1 billion yuan ($156.7 million) and is scheduled to be completed and start production in 2023.

After ramping up to its target output, it will produce 5 billion electronics die-cutting components annually and generate annual taxable sales of 600 million yuan or more.

According to Hu Yongning, secretary of the Party working committee of the GZEDZ, the zone has established a dedicated team to provide services for the precision manufacturing project.

Centering on the goal of "commencement as soon as the land transaction", the service team reportedly adopted a pre-review and parallel examination method to ensure all the permit procedures were finished as quickly as possible.

It is understood that it took just 28 hours for the company to get all five certificates required for construction after the land transaction was completed.

An artist's impression of the new plant, which will be on a 2.87-hectare site and will produce 5 billion components annually [Photo/WeChat account: chongchuanonline]