This doesn't mean the fab will start mass producing chips anytime soon. The first phase of the construction involves transferring the 300mm equipment from Globalfoundries' fab in Singapore. These tools will enable the Chengdu plant to manufacture 110nm, 130nm and 180nm chips by the end of 2018.
The second phase of construction will set up a 22nm FD-SOI facility. The current plan is to start volume production at this unit in Q4 2019, and sometime in the future the fab's capabilities may be upgraded to 12nm FD-SOI.