Li Yongsheng, chairman of Shandong Tianrui Heavy Industry, has long been committed to promoting technology innovation to maintain business growth.

Tianrui, situated in the Weifang Hi-Tech Industrial Development Zone, signed a cooperation agreement with a British rock drilling machinery maker in 2017 to strengthen communications in human capital, resource and technology.

The cooperation has enabled Tianrui to become one of the first companies to introduce hydraulic drilling technology into the Chinese market. The partnership also reduced domestic companies' reliance on imported high-end drilling machines.

"We believe the cooperation will bring fundamental change to China's drilling machinery sector and will lift overall performance of the sector in China," Li said. "The project also marked a milestone in Shandong's progress to replace old economic development drivers with new ones."

Li was invited to the zone by the local government as an industrial professional in 2010. He and his team developed numerous products with independent intellectual property rights. The company said Tianrui, established in 2010, has become one of top three rock drill suppliers in China.

"Weifang's premium business environment for startups supported Tianrui's development and prompted Tianrui to become an industrial leader," Li said

In recent years, Li has paid closer attention to professional cultivation while continuously promoting innovation.

The company has established a professional research and development team that has optimized age structure and an innovative spirit. It also welcomed two Research and development teams from South Korea and Britain.

In August, Tianrui signed an agreement with a company from South Korea to establish a maglev technology development center in Weifang. Some of its products, including the maglev high-speed motor, have entered into industrialization process.

The zone has decided to invest 300 million yuan ($44.71 million) to build a maglev industrial park. Shandong Startup Investment Fund is also planning to invest 1 billion yuan in this project, according to the zone government.