DALIAN, July 26 (Xinhua) -- Intel Corp. announced Tuesday that it had completed a 5.5-billion-U.S. dollar project to upgrade its first Asian chip plant in the port city of Dalian in northeast China's Liaoning Province.

The project was completed months ahead of schedule, the company said in a statement. It will produce nonvolatile memory (NVM) modules based on 300-millimeter integrated wafers.

Intel's new project has spurred development of relevant industries, said Liu Yan, vice mayor of Dalian.

In the past eight months, more than 10 semi-conductor material suppliers and manufacturers have opened in Dalian, backed by investment exceeding 400 million yuan (59 million U.S dollars), he said.

Intel's Dalian plant, which employs more than 1,100 people, began production in 2010. It produces chipsets for laptop computers, high-performance desktop PCs and powerful servers.