The Ningxia Hui autonomous region vowed to further step up the new materials industry with its targeted output value to exceed more than 200 billion yuan ($31.62 billion) by the end of the 14th Five-Year Plan period (2021-25), an annual growth of around 20 percent, an official said.

Fixed asset investment of the new materials industry by the end of 2025 will exceed 150 billion yuan, an average annual growth rate of more than 10 percent, said Lei Dongsheng, a member of the Standing Committee of the Communist Party of China Ningxia Hui Autonomous Regional Committee.

Ningxia has been actively developing the new material industry in recent years, with photovoltaic materials, fine chemical materials, high-performance fiber and composite materials as well as materials for lithium-ion batteries being developed on a large scale.

For instance, CNMC Ningxia Orient Group Co Ltd, a subsidiary of China Nonferrous Metal Mining (Group) Co Ltd, saw its production of tantalum-niobium-beryllium rare metal materials rank in the top three worldwide.

Analysts believe as one of the strategic emerging industries in China, the new materials industry is considered a high-tech industry with the greatest potential in the 21st century, with significant impact on future development.

China's northwestern regions are likely to embrace massive opportunities in developing the new materials industry, said Luo Zuoxian, head of intelligence and research at the Sinopec Economics and Development Research Institute.

With abundant sunshine and wind resources, as well as distinct temperature differences, China's northwestern regions like Ningxia can provide ample conditions for new materials such as semiconductors and high-performance fiber materials.

In addition, industrial electricity prices in Ningxia are also relatively cheaper as the region enjoys abundant power resources, thanks to its numerous wind and solar energy facilities, which will further lower the production cost of the new materials industry.

Chen Kelong, head of raw materials industries department at the Ministry of Industry and Information Technology, said the scale of China's new materials industry is expected to continue climbing and to account for an ever-increasing proportion in the raw materials industry.

"China will become a major player in the sector by 2035, leading in green and low carbon development."