Since its establishment more than a year ago, the business club of central State-owned enterprises (SOEs) in the China-SCO demonstration zone has played a distinct role in boosting international cooperation under the Belt and Road Initiative.

The China-Shanghai Cooperation Organization Demonstration Zone for Local Economic and Trade Cooperation is designed to serve the nation and Qingdao's strategies to expand opening-up and international cooperation. [Photo provided to China Daily]

In June of last year, the business club of central SOEs opened its doors for the first time, signing online contracts for 10 projects related to the Belt and Road Initiative, with a total investment of 42.7 billion yuan ($6.61 billion).

The signed projects involve the infrastructure construction of the China-SCO demonstration zone, the headquarters of the trade and finance business of the Shanghai Cooperation Organization countries, as well as projects involving industrial internet, high-end bio-medicine, and other fields.

In June of this year, 16 projects were signed during a central SOEs business promotional event in Qingdao, with a total investment of 48.33 billion yuan, covering emerging fields like new generation information technology, new energy and new materials, as well as high-end equipment.

On July 20, the China-SCO demonstration zone welcomed representatives from six central SOEs, with in-depth discussions and exchanges taking place between them. They reached agreements on further cooperation in industrial fund cooperation and digital park construction.

The overall plan for the construction of the China-SCO demonstration zone was passed during the ninth meeting of the central committee for deepening overall reform on July 24, 2019.

The zone is designed to create a platform for international cooperation under the Belt and Road Initiative, as well as to develop collaborations in logistics, trade, investment, tourism, and culture.

There is a huge space for cooperation with central SOEs, said an official from the China-SCO demonstration zone.