China opened a national ocean technology transfer center in the coastal city of Qingdao, Shandong province, on Oct 28, for the purpose of building a blue economic zone on the Shandong Peninsula as part of the country’s move to increase its ocean technology competitiveness..

The transfer center will be in the Qingdao High-tech Industrial Development Zone. Qingdao recently got Science and Technology Ministry approval for the program, which will include an ocean technology exchange, an information service site, a data-sharing center, an international technology transfer site, an ocean technology transfer fund, a public R&D service, and an ocean industry foundation.

Construction work on a national ocean technology exchange for global markets will be completed by 2020, to serve four goals: 1. Technology transactions worth 10 billion yuan ($1.63 billion) annually 2. Completing 100 technology transfers annually 3. Accumulating venture capital of 10 billion yuan for ocean technology 4. Attracting 100 ocean technology service agencies. In addition, revenues from ocean technology services are expected to reach 10 billion yuan.