A total of 30 projects with contract value amounting to 9.99 billion yuan ($1.48 billion) were signed on Jan 14 during an investment promotion event in Jinan, capital of Shandong province to advance the province's conversion of old growth drivers and foster competitive industrial clusters. 

In January 2018, the State Council approved Shandong's action plan to build a national-level comprehensive pilot zone with the specific goal of transforming old economic development drivers to new ones. 

With projects being the key to the conversion of old and new growth drivers, the province has been making efforts to attract major projects since April 2017, said Sun Laibin, vice director of the pilot zone. 

According to Sun, the newly-signed projects cover sectors such as new-generation information technology, high-end equipment, modern maritime industry, medical and health services, high-efficiency agriculture, cultural creativity, tourism and modern finance, which will all play a role in developing new growth drivers as well as upgrading traditional industries. 

"By 2020, Shandong will form a new economic development pattern led by new growth drivers, which means the share of the added value of the 10 emerging industries in the provincial GDP is expected to reach 60 percent," said Zhang Xinwen, director of the Shandong Development and Reform Commission. 

A total of 30 projects with contract value amounting to 9.99 billion yuan ($1.48 billion) are signed on Jan 14 during an investment promotion event in Jinan, capital of Shandong province. [Photo/iqilu.com]