State Council approves construction of kinetic energy conversion experimental zone in Shandong

The State Council recently approved the overall construction plan of the old and new kinetic energy conversion experimental zone in Shandong province.

It is said that the construction of the experimental zone is conducive to enhancing Shandong’s economic innovation and competitiveness, fostering new kinetic energy to promote the coordinated development of China’s northern areas, improving the innovation mechanism and offering some experience for reference to other provinces, municipalities and autonomous regions across the country in terms of kinetic energy conversion.  

According to the plan, the experimental zone will initially form a scientific and effective mode of dissolving excess capacity and closing down backward production facilities, upgrading and transforming traditional industries, and cultivating new techniques and emerging industries by 2020.

By 2022, the new pattern of economic development dominated by new kinetic energies will basically be formed. The annual per capita income of Shandong is expected to increase from 100,000 yuan ($14,493.81) in 2016 to 120,000 yuan. The proportion of the value added created by the province’s strategic emerging industries in its GDP will increase by more than 1 percentage point every year, while that of the input in science and technology in the province’s GDP will rise from 2.3 percent in 2016 to 2.7 percent in 2022.

Chinese source:https://www.gov.cn/