Mar 30, 2005. /Lesprom Network/. The first phase of Jiangxi Chengming 400,000-ton coated paper project was put into operation recently in Nanchang, capital city of central China’s Jiangxi Province. The project is located in Nanchang Changbei Economic and Technological Development Zone. It is estimated to cost $487 million for importing whole machines from Metso Paper of Finland. Work on the project started in September 2003 and is expected to generate 2.5 billion yuan in sales income and 600 million yuan in pretax profits. Jiangxi Chengming is known as the country’s largest papermaking enterprise, jointly funded by Shandong Chenming Paper Group, Shinmoorim Paper of ROK, International Finance Corporation, SAPPI and Jiangxi Paper Joint Stock Company. Its registered capital totaled $172 million. The second and third phases of the project will start in two to three years. The annual production capacity will reach one million tons ultimately.