Focusing on its geographic advantages, especially the markets of Japan and South Korea, Shandong Port Group will strengthen cooperation with world-renowned shipping companies, logistics enterprises, as well as hub ports to better integrate into the new development pattern, said Li Fengli, general manager of Shandong Port Group during a recent interview at the Second Qingdao Multinationals Summit.

Shandong Port Group has integrated many of the province's major ports, including Qingdao Port, Yantai Port, Rizhao Port, and Bohai Bay Port Group, in order to maximize port resources, eliminate regional competition, as well as speed up the construction of a world-class port economy.

According to a recent official announcement, the company's annual operating income reached 50.19 billion yuan ($7.74 billion) last year, an increase of 6.36 percent year-on-year. Its total profit stood at 6.45 billion yuan, an increase of 13.63 percent year-on-year, while its net profit reached 4.47 billion yuan, up 18.1 percent.

Li noted that Shandong Port Group has consistently worked closely with global multinational companies, such as Maersk, MSC, CMA, as well as other world-renowned shipping and logistics companies, to form a complete supply chain system from overseas to domestic markets.

A US cargo ship docks at Qingdao Port, a branch of Shandong Port Group. [Photo by Yu Shaoyue/For China Daily]

"Recently, Shandong Port Group carried out crude oil trade cooperation with BP. Through our cooperation with various multinational corporations, we have been gathering elements of trade circulation so that ports can play a stronger hub function," said Li.

Li noted that ports are basic facilities, as well as an important support for economic development and foreign trade. He said that Shandong Port Group will intensify efforts to build a comprehensive transport corridor for land-sea linkages and east-west bidirectional passages.

The company will continue to promote a high level of openness globally for transport, as well as facilitate regional economic and social development to boost high-quality economic growth and to foster China's dual-circulation development pattern, Li added.