Shandong to invest 1.8t yuan in 450 high-end projects

(| Updated : 2018-06-29

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Shandong province plans to invest 1.8 trillion yuan ($281.3 billion) in 450 new projects, as part of its five-year plan to shift growth drivers from old to new, local media reported on Thursday.

Emerging industries account for 59 percent of the projects, in a sign that industries featuring new drivers lead the way in Shandong's plans for future economic development. 

The investment covers a wide range of high-end projects in the fields of information technology, equipment manufacturing, new energy, the marine economy, and rural tourism.

The Shandong government will invest 104 billion yuan to support 53 information technology projects, including the Haier industrial Internet platform, the national Beidou navigation data center, and Foxconn electronic information manufacturing projects.

"The projects can fill the gap in the field of information technology in Shandong province, and further its development," Sun Laibin, a Shandong government official said.

It is planned that 30 key marine economic projects will receive investment, including projects in the fields of marine engineering equipment, marine biological medicine, marine ranching, and sea water desalination, with a total investment of 75 billion yuan.

Sixteen projects covering rural tourism and the deep processing of agricultural products will receive investment totaling 52.2 billion yuan to help promote rural revitalization.

The government is to invest 130.7 billion yuan to develop 87 projects in the high-end equipment manufacturing industry, covering aviation equipment, robots, automobiles and its components.

Thirty-two new energy projects will be implemented with an investment of 150.8 billion, which the government hopes will end the monopoly of foreign companies in this field. Proposed projects include the Weihai fiber advanced composite material project.

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Shandong province announces at the press conference plans to invest 1.8 trillion yuan in 450 high-end projects. [Photo provided to]