Shandong Port Group (SPG), which is currently the world's largest port conglomerate in terms of cargo capacity, signed a framework agreement for strategic cooperation with the Qingdao branch of China Development Bank (CDB), one of China's major banks, on June 23.

According to the agreement, both sides will deepen cooperation in some key areas, such as financial services, and make joint efforts to promote the integrative development of SPG. They will also take concrete measures to better serve the Belt and Road Initiative, and CDB's Qingdao branch will assist Shandong Port in developing into a world-class smart and green port.

Zhang Hui, vice-president of CDB, said that SPG is one of CDB's most important clients, and in the future, both sides will expand cooperation in areas such as port infrastructure, logistics systems, the port-vicinity industry, and inland port construction. Representatives from CDB said that the bank will fully support the transformation development of SPG, as well as the group's high-quality development.

Huo Gaoyuan, chairman of SPG, said that the group has faithfully implemented the new development philosophy of innovation, coordination, green growth, openness and sharing in 2021 and made remarkable achievements in pushing forward the country's high-quality development. Since the establishment of SPG in 2019, the group has focused on the integrated development of the modern shipping industry and financial services, which is highly consistent with some of CDB's main business areas such as industrial upgrading, high-end equipment manufacturing, and infrastructure construction.

Huo expressed his hope that both sides will seize the opportunities presented by the new round of the country's development, aiming to promote Shandong's high-quality economic and social development.

SPG signs a framework agreement for strategic cooperation with  Qingdao branch of CDB, one of China's major banks, on June 23. [Photo/WeChat account: Shandong-Port]