Qingdao, an economic powerhouse in Shandong province, will cultivate 1,000 key industrial chain enterprises in three years to upgrade and modernize the city's industry chains, local officials said at a recent news conference.

The eastern coastal city of Qingdao, Shandong province boasts a vibrant economy. [Photo/Qingdao News]

The move is designed to boost the manufacturing industry and expand the real economy in Qingdao.

"According to Qingdao's business climate, we have made the cultivation plan of key enterprises in industrial chains clear," said an official from the Qingdao municipal bureau of industry and information technology.

Focusing on the city's seven advantageous industries, including smart appliances, rail transit equipment, new energy vehicles, and high-end chemicals, as well as the city's 10 emerging industries such as integrated circuits, virtual reality, biological medicine, and hydrogen and energy storage, Qingdao will cultivate a batch of leading enterprises to boost the industrial chain and increase its comprehensive manufacturing strength.

Preferential measures concerning capital, marketing and talents will be launched to cultivate a number of outstanding small- and medium-sized enterprises.

More support will be launched to strengthen industry collaboration and technological cooperation between upstream and downstream enterprises, in a bid to establish strategic industrial chains with more resilience, innovation and higher added value.