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Qingdao new zone receives major investment boost

By Zhao Lei (chinadaily.com.cn) Updated: 2015-09-21 20:24

Qingdao new zone receives major investment boost

Qingdao West Coast New Area Investment Promotion Seminar starts in Beijing on Monday.[Photo/chinadaily.com.cn]

The Qingdao West Coast New Area in Shandong province has gained 52 business projects with an overall investment of about 300 billion yuan ($47.1 billion).

The news was broken on Monday in Beijing, at a conference attended by more than 400 government officials and representatives from domestic and foreign enterprises.

Among the projects, 39 will be undertaken by Chinese companies with the rest coming from foreign firms. Ten will have investment of more than 10 billion yuan, according to Wang Jianxiang, vice-mayor of Qingdao and head of the new area’s management committee.

He said the projects will cover high-end equipment manufacturing, new energy, transnational trade, logistics and healthcare. Nearly half will focus on the development of marine resources, he said.

The conference, aimed at letting more entrepreneurs know about the new zone, established in June last year, and creating an opportunity for it to make regular contact with Fortune Global 500 companies and large State-owned enterprises.

The Ministry of Industry and Information Technology has commissioned the new area to be the country’s only training base for big data professionals and to build a big-data industry for Qingdao.

Lying on the west coast of Jiaozhou Bay, the Qingdao West Coast New Area covers 2,096 square km of land and about 5,000 square km of water.

It is the second national new area dedicated to developing maritime industries following the Zhoushan Archipelago New Area in Zhejiang province, established in 2011.

Benefitting from its geographical advantage, a huge pool of talent and a solid industrial foundation, the area aims to reach a gross product of 500 billion yuan in 2020 and make sure the output by marine industries can increase 15 percent annually by that time, the management committee said.

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