Dongying seeks to develop new quality productive forces

DONGYING, China, March 27, 2024 /PRNewswire/ -- This is a news report of chinadaily.com.cn: 

Dongying in East China's Shandong province is strengthening its efforts to promote the upgrading of traditional industries and foster the development of high-end, intelligent, and green industries into new quality productive forces.

This year, the development of new quality productive forces has been placed at the top of China's government annual tasks, according to the Government Work Report.

The term "new quality productive forces" refers to advanced productivity freed from traditional economic growth models and productivity development paths. It has a focus on high-tech, high efficiency and high quality.

The development of new quality productive forces is expected to ensure the security of industrial and supply chains, advance new industrialization and inject fresh impetus into the country's high-quality economic development.

With a robust industrial foundation and thriving emerging industries, the city of Dongying has shown strong potential in developing new quality productive forces.

In recent years, the city has made remarkable progress in facilitating the upgrading of traditional industries, particularly in the petrochemical sector.

Efforts have also been made towards optimizing industries such as rubber tires, petroleum equipment, and non-ferrous metals. Key projects are being promoted to extend related industrial chains.

In 2023, Dongying's GDP grew by 7 percent year-on-year, while the value-added of industries above designated scale increased by over 12 percent. Additionally, 302 technological renovation projects were carried out, each with investments exceeding 5 million yuan ($695,135).

Furthermore, significant developments have been witnessed in emerging industries such as new energy, new materials, and biomedicine. The added value of core industries in the digital economy has doubled for two consecutive years, while the output value of the new materials industry has grown at an average annual rate of 15.9 percent over the past three years.

As a coastal city, Dongying is capitalizing on its advantages to vigorously develop industries such as wind power equipment, lithium batteries, hydrogen energy, photovoltaic equipment, and emerging energy storage.

In 2023, a total of 28 projects in the offshore wind power equipment industry park in Dongying were carried out, with a cumulative investment of 24.8 billion yuan.

This year, Dongying is poised to increase its focus on the development of emerging industries. It plans to carry out 774 key projects at the provincial, municipal, and county levels, with a total investment of 761.8 billion yuan.

SOURCE chinadaily.com.cn