The province of Shandong will continue to deepen reform and pursue greater opening-up at a higher level during the 14th Five-Year Plan period (2021-25), according to local officials at a news conference held on March 1 by the Information Office of Shandong Provincial People's Government.

A US cargo ship docks at the Qingdao Port, Shandong province. [Photo by Yu Shaoyue/For China Daily]

In the coming five years, Shandong will make full use of its comprehensive advantages in location, industry and transportation, integrate itself into the international industrial chain, supply chain and innovation chain, and further opening up at a higher level.

The province will adhere to the nation's dual circulation policy, improve the diversified investment and financing system, and participate in the Belt and Road Initiative.

It will set high standards for developing pilot zones for overseas economic and trade cooperation and industrial agglomeration, and improve long-term mechanisms for jointly exploring third-party markets. The province will make full use of major logistics and trade channels such as the China-Europe freight train and the new land-sea channel to build an important hub in the Belt and Road.

Shandong will seize the opportunities brought about by the completion of the EU-China investment agreement negotiations, and consolidate and upgrade cooperation with developed economies such as Europe and the United States.

The province will take the initiative to expand local economic and trade cooperation with Regional Comprehensive Economic Partnership member states. It will further expand the market space of emerging economies and Free Trade Agreement countries.