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Shandong to Invest Heavily to Upgrade Enterprises
The eastern province of Shandong will invest heavily in the next five years in a move to improve the technological level of its key enterprises and industries, as well as their equipment and efficiency, a senior official said over the weekend.
A total of 42.6 billion yuan (5.1 billion US dollars) will be earmarked to carry out 109 major technological renovation projects between 2001 and 2005, said Han Yuqun, vice-governor of the province.
These projects cover the fields of electronics, information, biological engineering, new materials, chemical industry, electromechanical industry, light industry, textiles, metallurgy, building materials, fertilizer, and the automotive and motorcycle industry.
Shandong, one of China's economic powers, expects to generate an additional output value of 101.2 billion yuan (12.2 billion US dollars) and an additional profit of 14.8 billion yuan (1.78 billion US dollars) a year after the completion of the projects.
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