China’s first ocean economic zone was launched last week in the coastal province of Shandong with signed contracts worth US$38.6 billion.
The Shandong Peninsula Blue Economic Zone programs cover agricultural technology, new energy utilization, international logistics, tourism and culture.
One program is a joint project by Wendeng County government and Hong Kong-based Shiwei to develop islands in the Nanhai District into a tourist destination.
The project’s first phase will cost about US$758 million and is scheduled to be completed in 2013.
In the meantime, the government will speed up construction of the infrastructure such as multi-layer traffic networks and an energy supply system.
CRIENGLISH.com reports the Shandong Peninsula Blue Economic Zone is one of three regional ocean economic zones approved by the State Council in April last year as pilot zones for the development of China’s marine economy.