A design rendering of the China-Japan (Qingdao) Local Development Cooperation Demonstration Zone [Photo/guanhai.com.cn]
The China-Japan (Qingdao) Local Development Cooperation Demonstration Zone, which is under construction in the Qingdao West Coast New Area, will explore and create new cooperation opportunities for both countries, said Qingdao officials.
The zone, which spans 10.6 square kilometers, is one of the six China-Japan local development and cooperation demonstration zones approved by the National Development and Reform Commission.
The zone will focus on energy conservation and environmental protection industries and work to strengthen mutual cooperation in fields like technological innovation, product research and development, and high-end manufacturing.
According to Qingdao officials, Japan is one of the earliest economic and trade partners of Qingdao since China started its reform and opening up. The first foreign investment enterprise, the first foreign bank, the first international air route and the first sister city of Qingdao are all from Japan.
Japan is also the third largest source of foreign investment and the third largest trading partner of Qingdao.
Since the approval of the demonstration zone, the Japanese government and business institutions have paid great attention to supporting its development.
To date, the zone has introduced seven projects from Japan with a total investment of about 2.8 billion yuan ($432.32 million). Another 20 projects are in the negotiation phase.
The zone has established cooperative relations with more than 10 Japanese financial institutions and trade associations, including Mizuho Bank and the Japan-China Economic Association, as well as seven Japanese government offices in China.
The infrastructure supporting facilities of the zone will be completed by 2025 and will serve more than 200 enterprises that will generate a combined industrial output of over 35 billion yuan and create about 35,000 jobs.