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Shandong sets off again with new face

2018/3/8 16:52:11   source:Sdchina.com

The Economic News of CCTV published an article titled “Traditional giant Shandong sets off again via transforming old industries into new engines” to introduce the status quo of transformation and upgrading of Shandong’s traditional industries.

Deepening supply-side structural reform and the course of promoting high-quality development and guiding the transformation and upgrading of traditional industry are of great importance to high-quality development, the report said.

For instance, the 60-year-old Jinan Iron & Steel Group, whose highest annual output capacity once reached ten million tons, halted its production last year and replaced by an industrial park which is under construction for new material, new energy, new equipment and new medicine.

Bo Tao, Party secretary and president of Jinan Iron & Steel Group, said that overcapacity reduction does not mean shut down the company. “What counts is to shift the development driving forces,” he added. “We plan to build a brand-new industrial group with sustainable vitality that focuses on park operation, eco-friendly material and modern logistics.”

While the overcapacity is cut, efforts should be made to transform and upgrade the traditional capacity.

Yantai Nanshan Aluminum Co., Ltd. once was just occupied in the processing of aluminum ingot, but now it becomes the first company that can produce aviation aluminum alloy. Its products are applied to Fuxing bullet trains and C919 planes.

Shandong has made a new change in promoting capacity upgrading with project as a carrier.

“Shandong has set up a 600 billion yuan fund to push forward the shift in growth driving engines and support the development and implementation of those major projects,” said Guan Zhaoquan, press secretary of Shandong Development and Reform Commission.

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