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Based in the Hefei State High-tech Industrial Development Zone, the project will see an investment of 1 billion yuan (8 million) and cover an area of about 4.5 hectares. Construction of the project is expected to be finished by September, according to the development zone's administrators.

Bearing rings are used in various machines across a wide range of sectors and are crucial in the auto business.

Bank continues Chinese growth in London

Baotou, a city in the region, has more than 80 percent of China's rare earth reserves. In 2015, rather than selling the rare raw materials at a low price, the city cooperated with the Chinese Academy of Sciences to build a research center to explore rare earth uses in many areas.

Based on sharp judgment and years of experience in the industry, Yao decided to purchase steel from the US market when the Trump administration took over. That decision prevented the company from being affected by the tariffs that the administration later placed on imported steel.