Traditional manufacturing businesses in the Weifang Hitech Industrial Development Zone are speeding up innovation to support efforts to replace old economic growth drivers with new ones.

One of the companies in the zone benefiting from this support is leading heavy truck engines and components manufacturer Weichai Group.

The company announced that its annual sales revenue for 2017 reached 200 billion yuan ($31.8 billion) last December, with total net profits exceeding 10 billion yuan, according to Tan Xuguang, chairman of the board of directors of the group.

Weichai has made such gains thanks to its development into an international and market-oriented business with a diversified product and service portfolio that covers six sectors - powertrain development, smart logistics, vehicle production, engineering mechanics, luxury yacht developments and financial services.

Founded in 1946, Weichai has a long history and has achieved significant results in powertrain development.

"Weichai is the only company in the world that has developed a complete powertrain system that includes engines, transmissions and axles. It is our core competitiveness," said Li Shaohua, vice-president of Weichai Power.

Shandong Supermaly Generating Equipment Co, a traditional power-generating equipment manufacturer in the high-tech zone, has also experienced significant growth in 2017, after the company carried out an innovation-driven development strategy.

About 80 percent of its power generators were exported last year, accounting for up to 40 percent of Russia's total market share.

"We design products based on real demands in local markets," said Chen Guangliang, deputy general manager of Supermaly. "We offered Russian clients some relatively simply structured but highly stable and reliable products that can work properly in low temperatures and high altitudes, which helps increase our market share."