Fangyuan, a synthetic fiber producer based in Zhejiang Province, held a commencement ceremony in early January to mark its new project for 120,000 tons of differential polyamide fiber laying the first stone. After Zhejiang Fangyuan Synthetic Fiber Co., Ltd. settled down in Tongxiang, Zhejiang Province in 2010, the company decided to investment another CNY 1.15 billion in constructing this new project.

The project will be constructed in two phases. The first-phase project will include a production line for annual production of 60,000 tons of polyamide chips which is expected to run into production in June, 2013; the second-phase project will start construction in January of 2014 and will be finished in August of 2015. By then, the project will have an annual production capacity for 120,000 tons of differential polyamide fiber and turn out a product output of more than CNY 4.5 billion and a pre-tax profit of CNY 350 million.