The groundbreaking ceremony for China Yangquan Fashion Technological Innovation Industry City takes place in Yangquan on Oct 10. The project will be built by three partners -- including Shandong Ruyi Technology Group, a leading international textiles manufacturer and a major global supplier of luxury clothing brands. [Photo/Yangquan Daily]

The city of Yangquan in North China's Shanxi province is to get a new textiles and new materials industrial cluster that will cost over $1 billion and be a facility for innovation and excellence.

The planned project -- called China Yangquan Fashion Technological Innovation Industry City -- will be a technological industrial hub targeting the new materials sector.

Details of the center, to cost 10 billion yuan ($1.48 billion), were revealed on Oct 9 at a signing ceremony held in Taiyuan, capital of Shanxi.

It is currently the only project in China that covers the whole industrial production and supply chain of new materials, ranging from coal raw materials to end products.

Yangquan city's municipal authorities -- together with Huayang New Materials Technology Group and Shandong Ruyi Technology Group -- will build the China Yangquan Fashion Technological Innovation Industry City.

It will consist of investment sub-projects for new materials fibers, green printing and dyeing, as well as industrial technology research institutes.

Once completed, the project is expected to employ 5,000 locals and is projected to report annual revenue of 18.6 billion yuan, profit of 3.2 billion yuan and pay taxes of about 1.2 billion yuan.

The project will fully leverage Ruyi Technology Group's considerable resources.

These include 11 brand tech research studios, academician workstations, as well as its research centers in the wool and cotton spinning, clothing and digital sectors.

A Lycra Fiber New Materials Industry Research Institute and Yangquan Fashion College in Yangquan city will be also included in the project, to expand sustainable development of the local new materials industry.