Innovation drives Shandong's economic growth

A privately owned plant that was on the verge of bankruptcy 35 years ago has now developed into a renowned bio-engineering company thanks to its commitment to innovation.

Pointing at piles of corncobs at the company's headquarters, Tang Yilin, chairman of Jinan Shengquan Group, said they were the source of the company's wealth, but if there had been no innovation and technological improvements, the source would have dried up.

"Innovation, research and development are the soul and lifeblood of our company," Tang said, adding that the company spent 150 million yuan ($22.5 million) on innovation each year in a bid to develop new value from corncobs. Currently, elements extracted from corncobs, such as furfural and fibers have been used to produce more than 100 kinds of products.