On February 24, Zhongfu Shenying Carbon Fiber Co., Ltd. and Qinghai Provincial Government signed an agreement on the “20 kt/a high-performance carbon fiber and supporting raw silk project”. The project will have a total investment of RMB5 billion and will be built in two phases. Construction of the phase I project will last for three years, covering a 10 kt/a high-performance carbon fiber and raw silk plant. The second phase will enter into the construction after the first phase is launched.