Shandong will spend 1.13 trillion yuan ($165 billion) on more than 3,200 ongoing and new industrial projects this year, Guo Shuyu, head of the provincial economic and trade committee, said yesterday.
Speaking at a press conference at the ongoing 11th Shandong people's congress, Guo said the plan was part of the government work report.
In the report, Jiang Daming, governor of Shandong, said great efforts will be made to strengthen the province's industrial structure.
Projects to boost the steel, automobile, shipbuilding, petrochemical and textile industries, among others, are in the pipeline, Guo said.
About 650 billion yuan will be spent on adjusting the industrial structure and technical upgrading, he said without elaborating.
Money will also be made available to improve the province's hi-tech fields of electronic information, biomedicine, new materials, energy saving and environmental protection, and marine industry, he said.
The investment package is designed to help industries become more innovative and to develop their overseas markets, he said.
Meanwhile, figures from the economic and trade committee show Shandong's three major ports enjoyed good year-on-year growth last month, with Yantai leading the way with volume up almost 25 percent.
The province's credit volume rose 83.8 billion yuan year on year in January, while total industrial revenue was up 26 percent at 6 trillion yuan, the committee said.
To cope with the financial crisis, an industrial team was set up to guide the province's economic development. Policies to expand domestic demand and to accelerate industrial growth were publicized.
"Shandong will take advantage of the Jiaodong peninsula to build a cluster of hi-tech industries," Fei Yunliang, head of the provincial development and reform commission, said.
"The 10 cities along the Qingdao-Jinan railway will be the first to be developed," he said. Xia Geng, mayor of Qingdao, said: "Qingdao will promote the development of electronic information, shipbuilding, home appliances and marine industries."
(China Daily February 17, 2009)