Total of 20 Key Projects of the China-Shanghai Cooperation Organization (SCO) Local Economic & Trade Cooperation Demonstration Area began construction on Friday in Qingdao City, East China’s Shandong Province.
With a total investment of 56.7 billion yuan (about 8.63 billion U.S. dollars), the projects involve various fields including international logistics, modern trade and bio-medicine.
Meanwhile, six projects involving high-end manufacturing and marine technology were signed on site.
At the 18th Meeting of Council of Heads of Member States of the SCO held in Qingdao in June 2018, China proposed the establishment of a demonstration area for local economic and trade cooperation between China and the SCO in Qingdao.
Located at the Jiaozhou Economic & Technological Development Zone in Qingdao, the demonstration area is seizing national strategic opportunities under the new development pattern to build a New International Cooperation Platform under the “Belt & Road Framework”.
The Projects will make full use of the comprehensive advantages of trade facilitation, transportation and logistics in the demonstration area to accelerate development.