The Taipeng New Material Industrial Park project is supported by Shandong Taipeng Group and has an investment of 2 billion yuan ($307.3 million). The project will introduce more than 600 sets of intelligent and automatic equipment. It mainly produces ultra-high temperature nonwoven filter materials, high-speed train interior composite materials and high temperature resistant film materials.

The project will play an important role for the city to build a new material industry cluster with a value of 100 billion yuan.