Shandong's Yantai city unveiled an action plan (2022-25) on Aug 26 to expedite the high-quality development of its advanced manufacturing industry.

According to the action plan, the city will select and upgrade 200 manufacturing enterprises above designated size - those with an annual income of more than 20 million yuan ($2.9 million) - into backbone enterprises, and since the end of 2015, the total output value of the city's manufacturing industries above designated size has exceeded 1.3 trillion yuan.

"Backbone enterprises play important roles in promoting the high-quality development of Yantai's advanced manufacturing industry. The local government attaches great importance to cultivating a number of backbone manufacturing enterprises to help Yantai achieve new and greater development," said Fu Mingxian, Party secretary of Yantai.

Yantai's manufacturing industry maintained rapid growth in the first half of this year. According to official data, the total industrial added value of enterprises above designated size reported a year-on-year growth of 11.5 percent, ranking first in Shandong.

The selected 200 enterprises have a great influence on the city's economic development, and have huge development potential and a strong driving force. In 2021, these enterprises achieved a total output value of 545 billion yuan, accounting for 67 percent of the city's manufacturing industry. They were the main developing force for the city's manufacturing industry.

An incentive mechanism has also been established to support the advanced manufacturing industry. Rewards of up to 5 million yuan will be given to eligible enterprises depending on their annual output value.

The action plan has boosted companies' confidence in the city's manufacturing industry. China Dawn Group in Yantai is a national leader in the meltblown material industry, and the company is committed to innovation-driven development, and strives to achieve its strategic goal of 24.3 billion yuan in sales revenue.