The hydraulic fluid equipment project funded by Lubmann (Suzhou) Technology Co Ltd in Taicang, a county-level city in East China's Jiangsu province, breaks ground on Aug 31. [Photo/WeChat account: tcfbgw] 

The construction of a hydraulic fluid equipment project in Taicang, a county-level city in East China's Jiangsu province, started on Aug 31. 

Funded by Lubmann (Suzhou) Technology Co Ltd, the 49,000-square-meter facility will cost 1 billion yuan to build and is expected to generate an annual output value of 1 billion yuan, according to authorities. 

The project, which will be key to establishing close cooperative ties with major enterprises in Kunshan such as Kunshan Sany Heavy Machinery Co Ltd, will play a leading role in Kunshan-Taicang coordinated development, said a local official. 

Authorities in Chengxiang town in Taicang, where Lubmann is located, said they will take a series of measures to strengthen Taicang-Kunshan cooperation in fields related to high-end equipment, electronic information, advanced materials and new energy vehicles. 

Authorities will explore new ways to help the two cities gain complementary advantages in three pillar industries - intelligent manufacturing, advanced materials and new energy vehicles – and attract more investment to accelerate the building of industrial chains. 

Entities such as Taicang-based Suzhou Research Institute, the Shanghai Institute of Ceramics, the Chinese Academy of Sciences and Duke Kunshan University will also promote the sharing of resources and industrial innovation to aid the development of the two areas.