The Rudong Economic Development Zone in East China's Jiangsu province is aiming to grow the taxable turnover of industries above the designated size to over 12 billion yuan ($1.73 billion) in the first quarter of this year, according to local authorities.

To attain this goal, authorities will be taking steps to boosting the innovative development of local enterprises.

Among those in the zone that have made strides in innovative development is Jiangsu Hai Rui Power Supply Co Ltd, a market leader in electric vehicle batteries.

This year, the company upgraded its lead batteries, rare earth alloys and graphene, and expanded its portfolio to include the production of special vehicle batteries.

According to Hai Rui, the taxable turnover of the company is expected to exceed 720 million yuan, an increase of at least 20 percent year-on-year.

Authorities have also been encouraging local enterprises to apply for patents.

One company that has been prolific in terms of patent applications is Jiangsu Yuchuan New Energy Technology Co Ltd. Ye Xilu, co-founder of Yuchuan, said that the company presently owns over 40 patents for invention and utility models.

Buoyed by its innovative development, the company has become a major power assembly supplier in China.

In 2022, 70 enterprises above the designated size in the zone spent 895 million yuan in research and development and were granted 170 patents.

In addition, more than 700 patents for inventions applied by local enterprises are currently under review.

A technician works in a factory of a high-tech enterprise in the zone. [Photo/WeChat account: rudongfb]