The unveiling ceremony for Shandong Port Group (SPG) International Investment Development Co Ltd and a ceremony for mixed ownership reform and settlement of SPG Overseas Development Group took place in Qingdao on June 6.

During the event, SPG signed a settlement agreement with China Harbour Engineering Company Limited and a memorandum of understanding with China Export & Credit Insurance Corporation. SPG International Investment Development Co Ltd also inked a MOU with China-Africa Development Fund Co Ltd.

This year marks the 10th anniversary of the Belt and Road Initiative (BRI). To better coordinate overseas resources and be integrated into the national development pattern, SPG has set up the International Investment Development Co Ltd, which will serve as a bridge for SPG to enter overseas markets and as a platform for investment control.

By leveraging SPG's expertise in port management, technology, brand and capital, the company will help expand emerging businesses like cross-border trade and logistics e-commerce to build a broader development platform for Chinese enterprises to go global.

SPG will also work with China Harbour Engineering Company to introduce a new "SOE system + market mechanism" mode and promote the mixed ownership reform of SPG Overseas Development Group. This partnership will see the two sides leverage their respective strengths to bolster their development and contribute to the BRI.

An aerial view of a Shandong's port in operation. [Photo provided to chinadaily.com.cn]