Local authorities in Shandong's Qingdao have put into motion a plan to accelerate the development of the city's pillar industries within the next two years.
The Plan on Upgrading Key Industries came into existence on October 21.
The industries targeted include household electrical appliances, petrifaction chemical engineering, shipping and ocean engineering, automobile and locomotive, textile and costume, foodstuff and beverage, marine and steel as well as logistics sectors, according to the initiative.
The prosperous city had been focusing on the development of those pillar sectors and promoting the related industry clusters, whilst a draft of state-level industrial centers has been set up in quick successions, which contribute significantly to the economic gain of the city.
Nevertheless a series of problems, including the low level of market concentration and lack of independent innovation capacity, had been left unresolved.
Qingdao authorities plan to hold technical events to attract investment, bringing in a variety of high-end sectors and key projects, which are high in technological contents and have good market prospects together with lucrative economic profits.
These investments are primarily intended to spur the upgrading of key industries while the emerging sectors, such as new energy and new materials, will also receive a great boost.