The five member cities of the Jiaodong Economic Circle held a promotional meeting in Beijing on Dec 8 to facilitate the integrated development of the city clusters on Jiaodong Peninsula and foster a new engine for the country's economic growth.

Home to cities like Qingdao, Yantai, Weihai, Weifang and Rizhao, the Jiaodong Economic Circle boasts the most dynamic and open area in Shandong province. Spanning 52,300 square kilometers, the circle had a population of more than 32 million and a GDP of 3 trillion yuan ($433.74 billion) in 2019.

The five member cities of Jiaodong Economic Circle host a promotional meeting in Beijing on Dec 8. [Photo/guanhai.com.cn]

The promotion event aimed to present the new image of the Jiaodong Economic Circle and build a new platform to facilitate cooperation and attract investment.

Attending the event were more than 200 guests, including officials from the National Development and Reform Commission and other relevant national ministries and commissions, well-known experts and scholars and enterprise representatives.

Qingdao, a member city of Jiaodong Economic Circle, boasts vibrant economy and picturesque landscapes. [Photo provided to chinadaily.com.cn]

A total of seven cooperative agreements on integrated development were signed at the meeting, covering urban credit construction, infrastructure investment, integration of production and education, transportation, big data, employment and talent services and other fields.

According to the agreement, an infrastructure investment fund valued at 100 billion yuan ($15.3 billion) will be established by the five cities of Jiaodong Economic Circle and Shandong Hi-Speed Group to develop infrastructure, improve connectivity and fuel economic growth.

The integration development planning for Jiaodong Economic Circle was introduced at the meeting.

Home to eight State-level economic and technological development zones, four State-level high-tech zones and eight special customs surveillance zones, the Jiaodong Economic Circle has huge development advantages and opportunities brought about by national strategies like the China-SCO demonstration zone, the China (Shandong) Pilot Free Trade Zone, and the China-ROK FTA local economic cooperation demonstration zone in Weihai.