In recent years, Shandong has launched a number of measures and policies to deepen economic and trade cooperation with Japan, said local officials.

Qingdao Port in Shandong [Photo/IC]

Shandong has highlighted the need to seize the opportunities arising from the signing of the Regional Comprehensive Economic Partnership agreement and explore new room for international cooperation. It has also launched guidelines to make good use of the rules and facilitation measures in the pact, as well as to promote high-level opening-up.

In the first six months of this year, Shandong's trade with Japan totaled 86.83 billion yuan ($13.41 billion), up 21.3 percent. Among which, exports stood at 65.78 billion yuan, up 16.8 percent year-on-year, while imports hit 21.05 billion yuan, up 38 percent.

"Shandong has prominent geographical and transportation advantages in cooperation with Japan," said Gu Chuntai, deputy director of the Institute of International Economics of Shandong Academy of Social Sciences.

According to Gu, Japan has developed industries, such as information technology and machinery manufacturing, while Shandong has advantages in industries like clothing, agricultural products, as well as plastic products. Industrial cooperation is complementary to some extent, providing space for the two sides to further deepen economic and trade cooperation.

"In the future, we will focus on Japan's Kanto, Kansai, as well as small and medium-sized enterprise clusters to facilitate investment and trade cooperation in new generation information technology and other industries. We will also continue to expand ties with Japan's world top 500 companies, industry leaders, and technology advanced SMEs," said Lyu Wei, deputy director of the Shandong Provincial Department of Commerce.

Official statistics showed that in the first half of 2021, Shandong approved 58 Japan-funded projects, up 23.4 percent year-on-year, with the actual utilized foreign capital reaching $210 million, up 182.7 percent.

Currently, there are 1,377 Japanese-invested enterprises in Shandong, with a total investment of $11.29 billion and an operating income of 123.24 billion yuan.