Weichai Group is a heavy truck engine and component developer and manufacturer based in the zone. It sold 620,000 engines and achieved more than 220 billion yuan ($34.99 billion) in sales revenue in 2017. The company has identified new energy as a new sector to explore in the next few years.

Tan Xuguang, president of Weichai, who is also president of Shandong Heavy Industry Group, said that the latter is responsible for Weichai New Energy Industrial Park's construction. The park is a key project in promoting Shandong province's effort to replace old economic development drivers with new ones.

The industrial park is set to be the largest new energy motor production base, a world-leading hydrogen-power battery production base, a commercial vehicle new energy power train system production base, a world-leading new energy forklift production base, a light new energy commercial vehicle production base and a new energy visual reality innovation center, according to the local authorities.

Supported by big projects, leading companies and a premier business environment, the zone said it is confident about achieving outstanding results in promoting industrial upgrading and transformation.

Figures from the zone show that the industrial upgrading 13 projects of companies such as Shengrui and GoerTek, have been listed in provincial-level plans about replacing old economic growth drivers with new ones. Seventeen projects have been included in the first batch of 600 provincial-level key projects to promote the replacement of economic drivers.

The zone now has 337 big projects with total investment exceeding 200 billion yuan.

Sun Wenfeng, director of the zone's economic development bureau, said that the zone will continue to promote the development of a modern industrial system that allows coordinated development among the real economy, technology innovation, modern finance and human resources. The zone will focus on replacing economic drivers, accelerating smart industrial upgrades, striving to build an export-oriented economy and developing new competitive factors in the service sector.

Looking ahead, the local authorities said the zone will continue to seek development opportunities, upgrade traditional industries and promote new emerging industries, aiming for a bright future in the upcoming years.

Zhou Jinjiang contributed to this story.