China-SCO local economic cooperation demonstration zone to be built in Qingdao

Source: Xinhua| 2019-10-29 00:11:42|Editor: Li Xia
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BEIJING, Oct. 28 (Xinhua) -- A demonstration zone for local economic and trade cooperation with the China-Shanghai Cooperation Organization (SCO) will be built in the Jiaozhou Economic and Technological Development Zone in Qingdao, east China's Shandong Province.

The Ministry of Commerce on Monday rolled out a general plan which listed four major tasks to build the demonstration center, namely forging a regional logistics center, building a modern trade center, promoting production capacity cooperation and constructing a center for two-way investment, and building a business, tourism and cultural exchange center.

The short-term goal is to build a seaport for the Asia-Pacific market and form a demonstration area for exchanges and cooperation with cities in the SCO countries, according to the plan.

The medium- and long-term goal is to build a pilot area for two-way investment and trade system innovation with the SCO countries, a gathering area for enterprises to start their businesses, and a pioneering area for local economic and trade cooperation under the Belt and Road Initiative, it said.

The SCO was established in 2001 by China, Kazakhstan, Kyrgyzstan, Russia, Tajikistan and Uzbekistan. India and Pakistan joined as full members in 2017.