On December 18, 2023, the polymer material production base project, with a total investment of RMB10 billion, was officially settled in Taizhou Pharmaceutical High-tech Zone, New Chemical Materials Industrial Park. The project, backed by a listed company, will be constructed in two phases. The first phase is planned to start construction in 2024 and expected to be put into operation in 2026.

As a strategic emerging industry strongly encouraged by Chinese government, the project adopts innovative synthesis and processing techniques, which can make full use of Taizhou's existing key petrochemical enterprises resources and achieve the integration of the upstream and downstream industrial chains. The products have excellent biocompatibility and can be used in medical devices, medical materials, consumables and other fields.

In addition, relevant enterprises will further deepen cooperations with domestic scientific research universities and research institutions, etc., and set up new material R&D pilot incubation centers in the New Chemical Materials Industrial Park. Those initiatives will accelerate the incubation and industrialization of new high value-added material products and promote the industrial cluster and high-quality development of new materials in the park.