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Tire industrial investment in Shandong plunges in Jan.-Aug.

In the first eight months of this year, tire industrial investment in Shandong province dropped 29.4% year on year, according to the provincial government.

Statistics show that Shandong completed fixed-asset investment of 3,497.98 billion yuan in Jan.-Aug., up 8.4% year on year. The service sector contributed 87.7% to the investment growth.

In contrast, investments of industries with excess capacity were much lower.

Shandong province enhanced the implementation of outdated capacity exit mechanism to make room for advantageous industries.

In Jan.-Aug., Shandong closed 479 chemical enterprises and ordered 1,811 chemical enterprises to stop production for rectification.

Meanwhile, it encourages the development of industrial brand building and intelligent manufacturing.

In June, the provincial government issued the Implementation Plans of Shandong Province to Nurture Leading Branded Enterprises. A number of tire producers, including Triangle Tire, Linglong Tire, Doublestar Group, Chengshan Group, Hixih Rubber Industry Group are among the list.

In addition, some tire programs have been involved in the intelligent manufacturing demonstration projects of the Ministry of Industry and Information Technology.