The Weichai Group, a major Chinese engine manufacturer, expects to see its "world-class" research and development center go into operation in late March, according to Tan Xuguang, the company's chairman.

Tan said that the company has invested about 2 billion yuan (316 million U.S. dollars) in building the center since 2008.

"We are dedicated to pursuing the best technology in the field," Tan said at a Monday press conference held on the sidelines of China's annual legislative session.

Tan said technological innovation in engine manufacturing is crucial to the country's efforts to make its economy more environmentally friendly.

Founded in 1946, the Weichai Group is one of China's largest heavy-duty automobile equipment manufacturing companies.

On Jan. 10, the state-owned company agreed to acquire a 75-percent stake for 374 million euros in Italy's Ferretti Group, the world's largest yacht builder.