The province of Shandong in East China will intensify efforts to advance innovation-driven development and accelerate modernization of the industrial system in the coming five years, said local officials during a recent news conference held by the Information Office of Shandong Provincial People's Government.

During the 14th Five-Year Plan period (2021-25), the province will carry out targeted measures and policies to upgrade and modernize the industrial chain, and become a manufacturing powerhouse in the country.

A textile company in Zaozhuang, East China's Shandong province, on Feb 20, 2020. [Photo/sipaphoto.com]

Shandong will continue efforts to further supply-side structural reform, phase out backward and excessive production capacity to improve the quality and efficiency of supply, as well as promote major readjustment, improvement and distribution of key industries.

The province will maintain a focus on fostering new growth drivers. It aims to expand industrial clusters of high-end equipment, high-end chemical, new materials, modern medicine and other emerging sectors with international competitiveness. There will also be a focus on the development of the third generation of semiconductor, integrated circuit, new-type displays, and cutting-edge materials.

Preferential policies will be carried out to strengthen enterprise innovation ability. The province will support local industry leaders in developing national-level carriers for technological innovation.

Shandong will contribute to the country’s efforts in fostering a new development paradigm with domestic circulation as the mainstay and domestic and international circulations reinforcing each other.

With the focus on consumer goods such as smart home, healthy food, fashion clothing, and emerging electronics, Shandong will accelerate the campaign to increase quality construction and the international profile of local brands.

It will also accelerate digital development and ramp up efforts to support the development of the private economy.