A high-end fastener research institute jointly funded by Shanghai University and Zhoushan 7412 Factory was inaugurated in Zhoushan, East China's Zhejiang province on July 18. 

Zhoushan 7412 Factory, established in June 1986, is a State-owned enterprise dedicated to the manufacturing of automobile fasteners and coaxial cables. The company has been a supplier of automotive fasteners for over 30 well-known car engine factories in China. 

China is one of the largest exporters of fasteners in the world, but it still lags far behind other advanced countries in terms of product quality and technology, noted Xue Kangsheng, president of the fastener branch of the China machinery general parts industry association,who attended the plate-unveiling ceremony.

Fasteners are an indispensable basic part in the manufacturing industry, he said, adding that the research institute established by Shanghai University and Zhoushan 7412 Factory will help improve the nation's innovation and R&D capabilities in the sector.

7412 excels when it comes to equipment, market and capital, while Shanghai University is strong in scientific research and has rich talent resources. The partnership between the two will accelerate the transformation and application of scientific research results, experts say.

Meanwhile, 7412 has another research institute put into operation on the same day which has been designated as a provincial enterprise research institute. 

Chen Yifeng, general manager of the company, pledged to build the two research organs into domestic leaders in the fastener sector.