China approves plan for China-SCO Demonstration Zone in Qingdao

China has approved a plan for the China-Shanghai Cooperation Organization Demonstration Zone in Qingdao to foster Belt and Road cooperation.

The overall plan for the Construction of China-Shanghai Cooperation Organization Demonstration Zone for Local Economic and Trade Cooperation was passed during the 9th meeting of the Central Committee of the Communist Party of China, which focused on deepening reform in an all-round way held on July 24, 2019.

The meeting pointed out that the goals of setting up the China-Shanghai Cooperation Organization Demonstration Zone for Local Economic and Trade Cooperation is to create a better platform for "Belt and Road" international cooperation, develop international logistics, modern trade, bilateral investments, commercial and travel cultural communication, and to make better use of Qingdao in the "Belt and Road" economic corridor construction and maritime cooperation of the new Eurasian Continental Bridge, strengthening China's interconnection with SCO countries, promoting mutual benefit between East and West, and broadening the opening-up pattern of linkage between land and overseas.

The demonstration zone in Jiaozhou, Qingdao, has already attracted 17 projects that are currently under construction with a 13 billion yuan investment, and eight projects worth a 5.7 billion yuan are in the pipeline.

Meanwhile, the Multimodal Transport Center near the zone has sent nearly 100 Central Asian trains loaded with cargo to the countries along the "Belt and Road".

"The demonstration zone is based on principles of shouldering the country's responsibilities, better effecting the Shanghai Cooperation Platform, serve the humanistic links and strengthen openness. And the demonstration zone is operated in a way that emphasizes logistics, trade expansion, capacity cooperation, and cross-border development," said Hao Guoxin, director in charge of work promotion for the demonstration zone.