Shandong builds new highland for opening up

Updated: Mar 6, 2019 chinadaily.com.cn Print

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In January of this year, Shandong Ruyi Holding Group acquired America's Leica, the world's first brand of spandex fiber.

Almost simultaneously, global top 500 company BP opened its first new branded station in Shandong.

Since the launch of reform and opening up, Shandong has seen brilliant achievements in economic and social development, but also concerns have been expressed that the pace of it is not fast enough.

Shandong province has made clear its intentions to expand into international and domestic markets and adopt a more open attitude.

Last year, the Shanghai Cooperation Organization (SCO) Summit in Qingdao allowed Shandong to deepen its economic and trade cooperation with SCO countries. The "post-summit" effect continues to prevail.

A number of major events such as Nishan Forum on World Civilizations, Confucian Merchants Conference and the International Summit on Innovation and Development of Young Entrepreneurs gathered personnel, projects and capital to inject a strong impetus into Shandong's development.

As the door opens wider, more vitality is injected into Shandong’s economy. Facing an uncertain external environment, the total value of Shandong's foreign trade hit a record high last year. The growth rate of actually used foreign capital ranked second among provinces and cities that exceeded ten billions dollars.

In January of this year, the two indicators increased by 10.4 percent and 9.2 percent respectively, and continued to maintain a stable trend.

This year, Shandong will continue to exchange business cards with the world. More exciting things are coming Shandong’s way, with the hosting of the Qingdao Summit of Multinational Corporation Leaders, the Global Health Forum of Boao Forum for Asia and the International Friendship Cities Cooperation and Development Conference.