Shandong Provincial People's Government has recently issued an implementation plan outlining 27 focus points and 110 policy measures to strengthen fiscal support and cultivate new quality productive forces. From 2025 to 2027, the province will allocate approximately 100 billion yuan ($13.6 billion) to provide robust support for the development of new quality productive forces tailored to local conditions. The plan focuses on four key areas.

Promoting synergistic development of science, technology, and industry: Shandong will prioritize the construction of major technological innovation platforms, foster original and disruptive technological innovations, and cultivate new industries, models, and growth drivers. The province will also intensify support for research and development in key core technologies, implementing around 100 major scientific and technological innovation projects annually.

Fostering integration of innovation chains, industrial chains, talent chains, and capital chains: Shandong will fully implement preferential tax policies for enterprise innovation, launch programs to enhance the innovation capabilities of small and medium-sized technology enterprises, guide financial institutions to increase financing support for technology-based enterprises, and attract and cultivate more talent to start businesses in the province.

Promoting high-end, intelligent, and green industries development: Shandong aims to promote the transformation of the industrial structure, support the adjustment of high-energy-consuming industries, and establish a sound green manufacturing policy system. It will also encourage large-scale equipment upgrades and technological transformations to foster high-quality manufacturing development. In terms of energy transformation, Shandong will implement a series of support measures for renewable energy development and the promotion of new energy applications, focusing on offshore wind power, biomass power generation, and geothermal energy utilization.

Optimizing institutional mechanisms: Shandong will promote the high-quality development of state-owned enterprises, strengthen support for private enterprises, and accelerate the realization of data valuation by improving the market system. Additionally, it will improve the management mechanism for fiscal research funds to ensure greater autonomy in the use of research funds.