The RCEP Qingdao Pilot Innovation Base for Economic and Trade Cooperation in Qingdao, Shandong province started construction on Jan 18, signaling the city's continued efforts to seize the opportunities arising from the signing of the Regional Comprehensive Economic Partnership agreement to further opening-up and gain new ground in international cooperation.

The RCEP Qingdao Pilot Innovation Base for Economic and Trade Cooperation starts construction on Jan 18. [Photo provided to chinadaily.com.cn]

The first phase will see the construction of municipal supporting facilities as well as eight projects covering hotels, cultural centers and business facilities, which involve a total investment of 6.8 billion yuan ($1.05 billion) and total construction area of 175,400 square meters.

Located in Shibei district, the RCEP Qingdao pilot zone measures about 34.2 square kilometers. It consists of the Qingdao International Cruise Terminal Area, the Coastal Industrial Innovation Corridor, the Binhe Innovation Development Corridor, a demonstration center for history culture, and four large-scale industrial zones featuring artificial intelligence, big health, regional headquarters of multinational enterprises and high-end new materials.

A diagram of the RCEP Qingdao Pilot Innovation Base for Economic and Trade Cooperation [Photo provided to chinadaily.com.cn]

The coastal city of Qingdao has been promoting intercity cooperation among areas along the Yellow River and member cities of the Jiaodong Economic Circle. As one of China's first coastal cities to open to the rest of world and an international port city, it also plays a role as a pivotal point in the New Eurasian Land Bridge economic corridor as well as maritime cooperation. 

The RCEP pilot zone will strengthen the city's unique dual role of opening its doors wider to the rest of the world and driving economic development in northern China, said local officials.