Qingdao demonstration zone advances Belt and Road cooperation

The demonstration zone in Qingdao, Shandong province for economic collaboration with members of the Shanghai Cooperation Organization has been seeing substantial progress recently.

An online video meeting was held on March 19 in the coastal city, during which the China-Shanghai Cooperation Organization Demonstration Zone for Local Economic and Trade Cooperation in Qingdao signed cooperative agreements with SPIC Fund Management Co and the China-Eurasian Economic Cooperation Fund.

State Power Investment Corporation (SPIC) is one of China's top five power generators under the administration of the central government, and SPIC Fund Management Co manages its funds.

According to the cooperation agreement, SPIC Fund Management Co will set up a China-Russia energy cooperation investment fund with an initial investment of 3 billion yuan ($421 million) and a total investment of 10 billion yuan in Qingdao. It will cooperate with Qingdao in new energy power generation, comprehensive intelligent energy, intelligent agriculture, and more.