China approves construction of China-S Korea industrial park in Yantai

China's Minister of Commerce Zhong Shan (right), shakes hands with his South Korean counterpart Paik Un-gyu (left), in Beijing on Dec 15, 2017. [Photo/mofcom.gov.cn]

China has approved the construction of three industrial parks to be jointly operated by Chinese and South Korean firms, according to a news report posted on the official website of China's Ministry of Commerce on Dec 15.

The State Council has given the green light to the separate projects of building industrial parks in three Chinese cities — Yancheng in Jiangsu province, Yantai in Shandong province and Huizhou in Guangdong province.

Beijing's approval of the projects came after the South Korean President Moon Jae-in made a visit to China on Dec 13.

According to the report, the three industrial zones were urged to advance China-South Korea cooperation in local economy and high-end industries.

Located in the economic circle of Bohai Sea area, Yantai enjoys unique strengths in carrying out trade and economic cooperation with foreign countries. The Shandong provincial government is mulling over the comprehensive planning of the park to facilitate the implementation of the China-South Korea free trade agreement, promote experience of China's pilot free trade zones.