Shandong's economic renewal gets hand from high-tech zone

SME development

As is the case in many other cities across China, small and medium-sized enterprises are forming a development foundation for the local economy.

Hoaco Automation Technology, a precision equipment manufacturer in the zone, has reported breakthroughs in die cutting machines development and production.

Ding Chunhui, deputy general manager of Hoaco, said the company has applied many patented technologies that can help users save costs and reduce their workforce size, as well as improving efficiency and accuracy.

Ding said Hoaco has a market share in China of more than 50 percent. It is also able to provide integrated services covering equipment production, technology support and after sales needs. Shandong Tianrui Heavy Industry, Shandong Yinlun Heat Exchange System and Shandong Novoshine Optoelectronics reported that overall year-on-year industrial output value increased 44.9 percent, 23.7 percent and 57.4 percent, respectively in the first nine months of this year.

Better environment

In 2018, the zone provided a broad range of support to serve companies' ever-changing demands. It relocated residents in shanty towns to provide more room for companies to their expand operations.

This year, the zone unveiled new recruitment initiatives, aimed at bringing in fresh blood. The policies include providing enhanced benefits for urgently needed staff, as well as greater government support for university graduates seeking to start new businesses. Experts from both China and other countries have joined forces with companies in the zone to boost local innovation capacities.

In line with its commitment, the zone also partnered with leading fund management firms such as United States' private equity firm KPCB and China's GSR United Capital to provide companies with various types of financial support.

The zone continues to cut red tape so that companies can achieve more efficiency in their daily operations. It separated business operation permits from business licenses and all business registration processes can now be completed online.

Chu Baojie, Weifang's director of communications and Party chief of the zone, expects that the region will make breakthroughs in replacing old economic drivers with new ones in the next five years. Shandong's goal is for new drivers to lead regional economic development by 2022.