Innovation fuels dynamic development toward the future in Shandong

(| Updated : 2024-01-08

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In the pursuit of high-quality development, Shandong province leverages cutting-edge technology, channeling 14.52 billion yuan ($2.05 billion) into science and technology innovation in 2023. 

Over 90 percent of major projects are spearheaded by enterprises, propelling the number of the province's high-tech enterprises to exceed 26,700, with technology-based SMEs surging to over 45,000, showcasing nearly a 30-percent annual growth.

The province excels in the pharmaceutical sector, securing approval for eight first class new drugs, ranking third nationally. Shandong's commitment to innovation is evident in the research of new treatments and medicines towards complicated diseases like cancer.

Local enterprises have been breaking barriers by independently innovating the entire industry chain production technology of key materials like nylon 12, positioning the province as the second globally to master this technology.

A holistic innovation strategy is in play, supporting industry leaders and nurturing a collaborative ecosystem. This approach is expected to yield over 3.2 million high-tech enterprises by 2023, surpassing the set target from 2021 to 2025 ahead of schedule.

Technological prowess is optimizing development dynamics, with high-tech industry output accounting for 51.37 percent of total industrial production in the first three quarters of 2023.

Shandong accelerates technology transfer, fostering a robust environment for local excellent achievements, with 30 major technological breakthroughs already released.

To drive financial support for innovation, Shandong has launched a comprehensive science and technology financial service platform, providing credit assessment and granting 58.4 billion yuan to 1,067 enterprises.

In a collaborative effort with Henan province, Shandong positions itself at the forefront of regional innovation, symbolizing a leap forward in industrial evolution.