The eastern coastal city of Qingdao, Shandong province hosted a special business promotional event concerning the city's finance, trade, and shipping sectors, as well as its China-SCO demonstration zone on Nov 5 in Shanghai, one of the largest economic hubs in China.

A total of 29 projects are signed at the Qingdao business promotional event in Shanghai. [Photo provided to chinadaily.com.cn]

A total of 29 key projects, involving industrial fields like smart manufacturing and modern finance, were signed at the event, with a total planned investment of 30.66 billion yuan ($4.79 billion).

Lu Zhiyuan, Party secretary of Qingdao, said in his speech that Qingdao has been endowed with a series of national strategies, such as the construction of the China-Shanghai Cooperation Organization Demonstration Zone for Local Economic and Trade Cooperation, as well as the Qingdao area of the China (Shandong) Pilot Free Trade Zone.

The China-Shanghai Cooperation Organization Demonstration Zone for Local Economic and Trade Cooperation in Qingdao [Photo provided to chinadaily.com.cn]

Shanghai, as an economic, financial, trade, and shipping center in China, and the birthplace of the Shanghai Cooperation Organization, enjoys a strong foundation and broad prospects for exchanges and cooperation with Qingdao, said Lu.

The China-SCO demonstration zone is designed to create a better platform for international cooperation under the Belt and Road Initiative, as well as develop collaborations in logistics, trade, investment, tourism, and culture by the central government.

Since the beginning of this year, the zone has signed memorandums of cooperation with 26 industrial parks and four cities in 17 countries. A total of 22 domestic and international freight trains have been operating on a regular basis, connecting 46 cities in 18 countries involved in the Shanghai Cooperation Organization and the Belt and Road Initiative.

Qingdao has also organized a trade delegation that consists of 13 business groups and 1,065 companies to attend the ongoing fourth China International Import Expo (CIIE) in Shanghai to boost business cooperation opportunities.

The eastern coastal city of Qingdao, Shandong province [Photo/VCG]