A demonstration zone for local economic and trade cooperation with the China-Shanghai Cooperation Organisation (SCO) will be built in the Jiaozhou Economic and Technological Development Zone in Qingdao, east China’s Shandong Province.
The Ministry of Commerce on Monday rolled out a general plan which listed four major tasks to build the demonstration centre, namely forging a regional logistics centre, building a modern trade centre, promoting production capacity cooperation and constructing a centre for two-way investment, and building a business, tourism and cultural exchange centre.
The short-term goal is to build a seaport for the Asia-Pacific market and form a demonstration area for exchanges and cooperation with cities in the SCO countries, according to the plan.
The medium- and long-term goal is to build a pilot area for two-way investment and trade system innovation with the SCO countries, a gathering area for enterprises to start their businesses, and a pioneering area for local economic and trade cooperation under the Belt & Road Initiative, it said.
The SCO was established in 2001 by China, Kazakhstan, Kyrgyzstan, Russia, Tajikistan and Uzbekistan. India and Pakistan joined as full members in 2017.