East China’s Shandong province has earmarked 1 billion yuan to support 97 innovation projects in 9 industries like new materials, high-end electronics, and the marine industry.
Specifically, financial support that goes to new material, bio-technology and bio-pharmaceuticals, rubber tires, and nonferrous metals accounted for 61.6 percent of the total.
Preliminary data shows that the total investment in these projects reached 12.4 billion yuan, and the projects were expected to generate 109.2 billion yuan in annual sales revenues and bring about 7.7 billion yuan in profits.
(Contributed by Olivia, Olivia@tireworld.com.cn)
