Weifang high-tech zone innovates to attract new business, projects
A technician from Weichai Power in the Weifang Hi-tech Industrial Development Zone works on the production line for heavy truck engines. [Photo provided to China Daily]
Weifang Hi-tech Industrial Development Zone — located in central Shandong province — is taking dynamic measures to attract more innovative-oriented businesses and projects to the region, aiming to achieve high-quality economic growth in upcoming years, officials said.
Deals for 40 high-growth business projects were signed on July 4 in the zone. The total investment of the projects is about 6.79 billion yuan ($995 million), according to the zone.
As a key part of the Shandong Peninsula National Innovation Demonstration Zone, Weifang Hi-tech Industrial Development Zone has long been promoting an innovation-driven development model.
The total industrial output value of the zone increased 14.7 percent in the first five months of this year, against the same period last year, while the industrial output value of its high-tech industry during the same period was up 13.9 percent year-on-year.
To promote regional growth, the zone's authorities are supporting three key elements — leading industrial players, small and medium-sized enterprises and industrial clusters.
Officials said that leading businesses in the zone are being encouraged to strengthen their cooperation with top research institutes, in order to enhance research and development capacity.
One example of this process is a new heavy-load commercial vehicle powertrain technology, developed by Weichai Group, the leading heavy truck engines and components manufacturer in China.
It was nominated to compete for the National Science and Technology Progress Award this year. The award is one of the top prizes devised by the State Council in recognition of scientific contributions made by both companies and individuals.