In the first three quarters of this year, the new energy and new materials industry above designated size in Shandong generated operating revenue of 1.03 trillion yuan ($161.01 billion), up 32.6 percent year-on-year. Profits reached 86.98 billion yuan, up 102.7 percent year-on-year.

New materials is one of the most important industries in Shandong's industrial transformation and upgrading.

By focusing on advanced polymer materials, new inorganic non-metallic materials, rare earth functional materials and devices, high-end metal structural materials, cutting-edge new materials and other fields, Shandong's new material industry scale and industry position has maintained its leading place domestically.

To date, Shandong has fostered 11 leading provincial industrial clusters represented by Binzhou high-end aluminum-based new materials and four characteristic industrial clusters. The Zibo new functional materials cluster and Yantai advanced structural materials cluster were selected among the first national strategic emerging industrial clusters.