A signing ceremony for 14 projects with a combined investment of 12.8 billion yuan ($1.89 billion) was held in Weihai Port, a subsidiary of giant port operator Shandong Port Group (SPG), on May 10.

These projects, which have either been completed, started construction, or are receiving new investments, cover areas such as transportation, energy storage, business circulation, culture and tourism, healthcare, and marine fisheries, which are expected to boost the integrated development of the port, city and industries in Weihai.

Weihai Port is a bridgehead for SPG to the markets in Japan and South Korea, and over the past two years, SPG has beefed up efforts to promote the integrated development of its ports, which has boosted the high-quality development of Weihai.

Official data indicates that in 2020, the container throughput of Weihai Port exceeded 1 million 20-foot equivalent units (TEUs) for the first time, and despite the pressure of the COVID-19 pandemic in 2021, the cargo and container throughput recorded year-on-year increases of 3.9 percent and 9.9 percent, respectively.

Weihai has also attached great importance to developing its marine economy, and drew up a three-year action plan (2021-23) last year, which notes that the city will advance openness and cooperation in the marine industry, and make greater contributions to the construction of the international logistics gateway. Efforts will also be made to promote the development of the platform for foreign trade and economic cooperation, in a bid to develop Weihai into a key node for Shandong to better serve the dual-circulation development paradigm.

The design sketch of Weihai Port [Photo/WeChat account: Shandong-Port]