The Ningbo Institute of Materials Technology & Engineering of the Chinese Academy of Sciences in East China's Zhejiang province. [Photo/WeChat account: nbfb0574]

The Ningbo Institute of Materials Technology & Engineering of the Chinese Academy of Sciences recently received the green light by China National Intellectual Property Administration to build an intellectual property operation center related to magnetic materials.

The center, the first of its kind in China, will be first national intellectual property operation center in Ningbo, East China's Zhejiang province.

Magnetic materials are widely applied in fields like electronic information, new energy vehicles, aerospace and satellite remote sensing, according to CNIPA.

Ningbo is a national production hub for magnetic materials which accounts for roughly 40 percent of the nation's production of rare earth magnetic materials.

A significant innovation powerhouse fueling the sector's growth in the city, the Ningbo Institute of Materials Technology & Engineering of the Chinese Academy of Sciences is home to more than 300 high-profile talents in the magnetic material field, and owns over 670 patents related to the respect.

The institute has to date generated about 39 million yuan ($5.57 million) through scientific and technological achievements transformation, official statistics show.

A staff member at the institute pointed out that the intellectual property operation center's establishment will further boost the high-quality development of the magnetic material sector.