Dagong town in Hai'an, a county-level city in Nantong, East China's Jiangsu province, has been focusing on the transformation and upgrading of traditional industries to boost its industrial development in recent years.

Jiangsu Pengfei Group is one of the local enterprises that have benefited from the industrial transformation.

The group, which first started out producing cement machinery, has in recent years transformed itself into a metallurgy, new energy, and environmental protection company.

Last year, the company went public and both its profit and tax payments exceeded 100 million yuan ($14.66 million).

Many local enterprises have also been upgrading their equipment to drive further development.

Three years ago, Jiangsu Chengye Chemical Fiber Technology Co Ltd spent 400 million yuan on procuring advanced production equipment, which have significantly improved production efficiency. The company's taxable turnover this year is expected to hit 400 million yuan, up from 250 million yuan last year.

Official statistics show that the industrial taxable turnover of the county in 2022 was 10 billion yuan, an increase of 22.8 percent year-on-year, the highest in the city.