Meili springs into action with R&D investment

Zhejiang Meili High Technology Co Ltd plans to increase its research and development budget as it bids to become a global power.

The spring manufacturer will invest 47 million yuan ($6.9 million) into expanding its technology center in Zhejiang province.

"It's important to be involved in research and development when it comes to cutting-edge technologies," said Zhang Bihong, chairman of the company. "That will help us participate on the global stage."