Qingdao West Coast New Area aims to attract SOEs

Qingdao West Coast New Area, a thriving economic powerhouse in the eastern province of Shandong, has been striving to attract large State-owned enterprises in recent years.

In a latest "charm offensive", officials from the area met on April 18 in Beijing with executives from more than 80 SOEs under direct management of the central government, discussing cooperation and investment opportunities.

During the meeting, organized by authorities in Qingdao, officials introduced the area's location advantages, main industries, industrial parks and key infrastructure projects. They promised to offer favorable policies and various kinds of support to SOEs investing in the area.

According to the local government, the Qingdao West Coast New Area was established in the coastal city's Huangdao district in June 2014 after receiving approval from the State Council.

The area is tasked with piloting innovation in marine technology, serving as a strategic base for deep-sea and offshore exploration and acting as a pioneer in the international cooperation of marine economy.

Over the past decade, the area achieved rapid socioeconomic development. Its total output value exceeded 500 billion yuan ($69 billion) last year.

The area has been in extensive cooperation with 52 central SOEs including Aviation Industry Corp of China and China State Shipbuilding Corp, and has jointly worked on 164 major projects such as the establishment of the civilian vessel operations headquarters of China State Shipbuilding Corp, according to local officials.

Currently, the area is striving to develop manufacturing businesses including smart home appliance, integrated circuit, shipbuilding and new chemical materials.

Lying in the west coast of Jiaozhou Bay, the area covers 2,096 square kilometers of land and about 5,000 square km of water.

It is the second national new area dedicated to developing maritime industries following the Zhoushan Archipelago New Area in Zhejiang province, which was established in 2011.