Xiamen Torch Hi-Tech Industrial Development Zone in Fujian province. [Photo provided to chinadaily.com.cn]

A new energy lithium battery production line with investment of 10 billion yuan ($1.46 billion) is set to be launched at Torch Hi-Tech Industrial Development Zone in Xiamen, East China's Fujian province, by the China Aviation Lithium Battery Co Ltd, local media reported July 1.

According to Xiamen officials, the project ran smoothly from negotiation to contract-signing thanks to Xiamen's investment promotion, business environment and development prospects.

The signing ceremony of China Aviation Lithium Battery Co Ltd and Xiamen Torch Hi-Tech Industrial Development Zone on June 30. [Photo/sina.com.cn]

Since the city's investment promotion conference held at the end of April, Torch Hi-Tech Industrial Development Zone has been promoting 48 projects, 16 of which have signed investment agreements.

Statistics show that from January to May this year, the actual utilization of foreign capital of the development zone ranked first among all districts of the city. In May, its actual utilization of foreign capital increased by 473 percent year-on-year.

According to China Aviation Lithium Battery, the production line is expected to reach an annual capacity of 20 gigawatt-hours. The project will be implemented in two phases, with the first scheduled to start construction in the third quarter of 2019, and to go into production in the fourth quarter of 2020.