In the past decade, foreign experts have generated more than 100 million yuan ($15.7 million) for Ningbo Haibo Group, a high-tech R&D and mass production enterprise, said He Shaojie, president of the Group, to local media.

Propellers for electric ships, developed by Haibo's British-led R&D team, have raised the maximum efficiency of electric motors from 70 percent to 90 percent, and each of their indicators has reached world class levels.

The products have been widely used in Zhejiang province's water treatment efforts and revenue is projected to exceed 20 million yuan in 2018, according to He.

As early as 2008, Haibo noticed the enormous market for smart home products.

Guided by a former chief technology officer of Japanese telecommunications operator KDDI Corporation, Haibo's smart home products stand out from those of their competitors, and sales are increasing year by year.

In 2007, Zhejiang University, one of China's oldest, most selective and most prestigious higher education institutions, signed a cooperation agreement with Haibo.

According to the agreement, Zhejiang University students would serve as Haibo's partners when they studied for a doctorate overseas, which would increase exchanges between the group and overseas industrial experts.

Haibo tasked these student partners with persuading overseas experts to cooperate with the group, and as of today, more than 10 foreign experts have worked for Haibo.

Having seen the benefits of cooperating with foreign experts, Haibo plans to establish overseas research centers to seek needed industrial experts, and will also help these experts better understand the group's development model.

He Shaojie, president of Ningbo Haibo Group. [Photo provided to chinadaily.com]

In the past decade, foreign experts have generated more than 100 million yuan ($15.7 million) for Ningbo Haibo Group. [Photo provided to chinadaily.com]