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Jiaodong area promotes innovation, entrepreneurship

(chinadaily.com.cn) | 2020-07-23

The five member cities of the Jiaodong Economic Circle, namely Qingdao, Yantai, Weihai, Weifang, and Rizhao, established an alliance to promote innovation and entrepreneurship on July 23.  

The alliance will promote the deep integration of an innovation and education chain, an entrepreneurship incubation chain, and a talent exchange chain to enhance the innovation capabilities of the Jiaodong Economic Circle and contribute to regional high-quality development.

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The Jiaodong Economic Circle establishes an alliance to promote innovation and entrepreneurship on July 23. [Photo/qingdaonews.com]

The alliance was unveiled during the launch ceremony of the Jiaodong Economic Circle Maker Invitational Tournament in Qingdao, which was an important part of this year's SME (small and medium-sized enterprises) Innovation Competition.

Nearly 500 projects by start-ups, colleges, and entrepreneurial teams in the Jiaodong area will compete in the tournament. 

The Jiaodong Economic Circle boasts a strong economy and a high degree of openness. It is a leader in the regional integrated development of Shandong.

In 2019, the five cities in the Jiaodong area accounted for 31.6 percent of Shandong's population, 42.2 percent of its GDP, and 64 percent of its total foreign trade.