Three cities in Shandong, namely Jinan, Qingdao and Yantai, plan to form a competitive modern industrial system within five years, local authorities said.
The Shandong Provincial Government recently launched an action plan to build an international investment industrial park involving the three cities and covering an area of about 100 square kilometers.
The industrial park consists of 37 square kilometers in Jinan, 37.3 square kilometers in Qingdao, and 30 square kilometers in Yantai.
The park will house some of the world's top enterprises and work to form a globally influential high-end industrial cluster with a strong industrial ecosystem.
It will work to foster a number of world-class advanced manufacturing clusters with a target value of 1 trillion yuan ($140 billion). By 2025, the international investment park is expected to be home to more than 200 projects from some of the world's top enterprises.
Jinan, Qingdao and Yantai are the most prosperous cities in Shandong. They have attracted a large number of overseas investors and boast intensive high-tech sectors. The three cities are also playing a vital role in Shandong's construction of a comprehensive pilot zone to replace old economic growth drivers with new ones.
New-generation information technology, high-end equipment, new energy, new materials, health care, energy conservation, and environmental protection are some of the industries that the park will focus on.