Government and Policy

First ocean economic zone signs deals worth $38b

Updated: 2011-02-18 21:27
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BEIJING - China's first ocean economic zone off the eastern Shandong province Friday signed a package of deals that include 23 programs valued at 255 billion yuan ($38.6 billion).

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The programs covered agricultural technology, new energy, international logistics, tourism and culture, said Fei Yunliang, head of the construction office of the Shandong Peninsula Blue Economic Zone.

One program is a joint project by Wendeng City government and Hong Kong-based Shiwei Co, Ltd. to develop islands in the Nanhai District into a tourist destination, said Fei.

The project's first phase would cost about 5 billion yuan ($758 million) and was scheduled to be completed in 2013, Fei said.

The Shandong provincial government also signed strategic cooperation agreements with 12 banks, including the Industrial and Commercial Bank of China (ICBC), and six insurance firms to support construction of the economic zone.

Shandong Peninsula Blue Economic Zone is one of three regional ocean economic zones approved by the State Council, or the Cabinet, in April last year as pilot zones for the development of China's marine economy.

The economic zone covers all the offshore waters of Shandong Province, which have an area of 159,500 square kilometers.

It also covers 64,000 square kilometers of land that includes six prefectures and two coastal counties in Shandong.

The State Council approved on Jan 4 the development plan for the economic zone as part of the national development strategy.

The contracts were signed at a promotional event in Beijing, one of a series of promotional acitivities by Shandong Peninsula Blue Economic Zone to seek cooperation with businesses at home and abroad, said Fei.