On February 23, construction of 27 new projects worth a total of 29.8 billion yuan ($4.72 billion) started at Qingdao Port, a subsidiary of Shandong Port Group (SPG), one of the world's largest port operators based in Qingdao, East China's Shandong province.

Ports are critical to Shandong's economic development, thus the province is promoting port infrastructure construction this year, with the goal of developing port-related sectors such shipping logistics, imports and exports, and promoting the integrated development of ports and cities.

In recent years, Huo Gaoyuan, chairman of SPG, has stepped up efforts to promote the integrated development of Qingdao city and the port, as well as speed up the collection of production elements, in order to improve the port's quality.

The sea and port have given Qingdao life and wealth, and since SPG's founding in 2019, the company has played a key role in boosting the city's economic and social development.

All 27 projects will be located in the Dongjiakou Port Area of Qingdao Port, which will aid in the area's overall development and improvement. Two of these projects are related to scientific and technological innovation, shipping logistics, and finance, allowing Qingdao to move closer to its goal of becoming an international shipping, trade, and finance innovation center while also promoting closer cooperation with global shipping companies and ports.

SPG announced 1,331 projects in Qingdao between its founding in 2019 and the end of 2021, bringing in a total investment of 102.8 billion yuan, of which 1,138 have been completed, according to government data.

The group expects to invest a total of 118.1 billion yuan in Qingdao during the 14th Five-Year Plan (2021-25) period, which will fuel the city's high-quality regional economy development as well as drive the integrated development of the port, industry, and city.

Construction of 27 new projects with a total investment of 29.8 billion yuan starts at Qingdao Port on Feb 23. [Photo/WeChat account: Shandong-Port]