Work on the Qingdao Area of China (Shandong) Pilot Free Trade Zone has been getting into high gear, as three industrial centers, with total investment reaching 3 billion yuan ($422 million), started construction on Oct 10 in Qingdao West Coast New Area, where it is located.

The Sino-Japanese Life and Health Center, with a total investment of 1.34 billion yuan, will cooperate with Chinese pharmaceutical company Baheal Pharmaceutical Group and Japanese trading company Itochu Corporation.

It will introduce the latest high-tech health technology, products, and services from Japan, explore cooperation models in the health sector between China and Japan, as well as build an industrial base for the innovation and transformation of health sciences and technology between the two countries.

The Qingdao Port Trade Center, involving a total investment of 1.5 billion yuan, is designed with many facilities, such as an office building, a business hotel, and talent apartments.

Relying on the advantages of adjacent ports, the center will be built into an integrated platform serving shipping, trade, finance, and commerce enterprises.

The Jiudingfeng Trade Building, with a total investment of about 180 million yuan, is a comprehensive building integrating business offices, trade services, as well as conventions and exhibitions.

The building is designed with ample parking spaces and high-tech office facilities. It will be able to accommodate more than 100 trading companies after construction.

The three projects are important platforms for the transformation of scientific and technological innovation, for the cultivation of new business forms, as well as for the development of the modern marine industry, officials said.

These projects are expected to help further Qingdao's opening up and boost the city's high-quality economic development.

The Qingdao area of the Shandong FTZ covers 52 square kilometers, the largest area of the FTZ, while the Jinan section covers an area of 37.99 sq km and the Yantai segment covers 29.99 sq km.

It is located in the Qingdao West Coast New Area, comprising four functional zones, namely the Qingdao Qianwan Free Trade Port Zone, the West Coast Area Integrated Free Trade Zone, the Qingdao Economic and Technological Development Zone, as well as the Sino-German Ecopark.

The commencement ceremony for Jiudingfeng Trade Building is held on Oct 10 in Qingdao, Shandong province. [Photo/qingdaonews.com]

The picturesque view of the eastern coastal city of Qingdao. [Photo/qingdaonews.com]