Taiyuan in Shanxi province has been developing major industrial projects to boost local emerging industries, according to its economic and technology commission.
There are 42 major industrial projects on the agenda in 2016. The investment of 32 projects under construction amounts to 5.35 billion yuan ($802.32 million), accounting for 65 percent of the city's emerging industries and 41 percent of local industrial investment.
The projects will advance the optimization of the industrial structure and help rising industries to prosper. For example, the Shanxi Aote new energy automobile program, costing 2 billion yuan, is in the stage of having its equipment installed at the Taiyuan Stainless Steel Industrial Park.
Its annual output is expected to reach 50,000 cars and 5,000 buses all powered by new energy, generating 10 billion yuan in sales and 1.5 billion yuan in net profit.
To further emerging industries, the Taiyuan government has taken several measures in management, including specifying the division of tasks and strengthening regulation.
As for financial support, Taiyuan has set funds and subsidies as well as promoted cooperation between companies and financing platforms, such as banks and fund management enterprises, while introducing more investment.
In the second half of the year, the city will continue to expand business in high-end equipment manufacturing, new materials, IT and new energy industries. Meanwhile, the construction of projects, such as the wind turbine program of the Taiyuan Heavy Industry Co and new industrial material project of Yangmei Chemical Co, will be accelerated.
