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SPG expedites construction of world-class port cluster

|chinadaily.com.cn |Updated: February 29, 2024

Shandong Port Group (SPG) held ceremonies for the operation, resumption and start of world-class port cluster construction projects in Qingdao, Yantai and Rizhao, respectively, from Feb 21 to 25.


A ceremony is held in Rizhao for the operation, resumption and start of SPG's world-class port cluster construction projects. [Photo provided to chinadaily.com.cn]

SPG has announced the completion, resumption, and start of 32 projects with an investment of 75.485 billion yuan ($10.49 billion) in Qingdao, 32 projects with an investment of 56.249 billion yuan in Yantai, and 27 projects with an investment of 53.6 billion yuan in Rizhao. All of these efforts will enhance SPG's ability to serve regional economic and social development.

Years of mutually beneficial collaboration between SPG and cities in Shandong have led to closer partnerships and more fruitful outcomes.

As an important part of SPG, Qingdao Port achieved breakthroughs last year by handling over 700 million metric tons of goods and 30 million TEUs of containers, ranking fourth and fifth worldwide, respectively. Additionally, SPG has set up 10 business segments in Qingdao, including investment holdings, trade and shipping, with a cumulative investment of 7.64 billion yuan, which has doubled the annual average investment compared with before its establishment. SPG has also completed construction on 15 projects and paid a total of 9.25 billion yuan in taxes. In 2023 alone, SPG paid 2.582 billion yuan in taxes, a massive year-on-year increase.

In 2023, Yantai Port's cargo volume reached 424 million tons, up 4.8 percent year-on-year, while its container volume hit a record 4.63 million TEUs, a year-on-year increase of 12.4 percent. The port paid 1.203 billion yuan in taxes in 2023, double the 2019 amount, and it contributed 38.1 billion yuan to Yantai's foreign trade. Over the past four years since the founding of SPG, Yantai Port has invested more than 30 billion yuan in Yantai, endeavoring to become a valuable partner for the city's economic development.


Yantai Port is a subsidiary port of SPG that participates in the world-class port cluster construction projects. [Photo provided to chinadaily.com.cn]

In 2023, Rizhao Port's cargo throughout and container volume amounted to 522 million tons and 6 million TEUs, up 4.2 and 3.4 percent, respectively, ranking sixth among China's coastal ports. SPG has paid a total of 6.59 billion yuan in taxes to Rizhao so far, and in 2023 so far, it has paid 1.301 billion yuan, showing strong growth momentum in port-city integrated development.

The construction of key projects is driving economic development and bolstering high-quality socio-economic growth. With many large projects boasting strong development potential and high capacity for driving the growth of the surrounding area, SPG will continue working to strengthen port-city collaboration.


A simulation constructure design of SPG's world-class port cluster construction projects. [Photo provided to chinadaily.com.cn]

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