The synthesis score of Qingdao Port has surpassed those of the 17 other coastal ports in China, Japan, SouthKorea, and Russia, ranking first in Northeast Asia, according to official statistics from China Economic Information Service.

Qingdao port is busy year-round. [Photo/IC]

Since the outbreak of Covid-19, Qingdao Port has made gains in port infrastructure and operational development, but is still weak in network connectivity and port business environment compared with Busan Port, said an industry insider

Four development requirements of Qingdao Port were issued for the 14th Five-Year Plan (2021-25) survey, with a focus on the development of an international shipping hub.

"A high-energy port must be a center for ports with supply chain elements including multinational enterprises and financial capital. It should have a complete system covering trade, shipping and financial services, as well as ship repairs and fuel," said by Huang Youfang, president of the Institute of China (Shanghai) Free Trade Zone Supply Chain.

Shandong Port has 11 main sectors covering trade, logistics and finance. It is exploring the deep integration of port resources into the industrial economy and urban development.

Shandong Port will adjust its contribution rate toward traditional and emerging business from the current 7:3 to 5:5 in the coming five years.

The 2021 Qingdao Land-Sea Linkage Forum was hosted in Qingdao on Oct 22.

The 2021 Qingdao Land-Sea Linkage Forum is hosted in Qingdao on Oct 22. [Photo provided to chinadaily.com]

Three indexes were released during the forum, with the purpose of providing an important reference standard for global shipping, enhancing the energy efficiency of global resource allocation for Shandong Port, and helping regional trade transformation and upgrading.

A fund valued at 10 billion yuan ($1.47 billion) has been established to invest in marine economic development.

The Land-Sea Linkage Alliance was funded as well, and Shandong Port has signed cooperation agreements with seven cities, including Jinan and Qingdao, to form bulk commodity trading cooperation.

The inauguration of an R&D institute on the integrated development of Shandong Port, industries, and urban areas was hosted during the forum.

The Shandong International Shipping Exchange was established as well and aims to set up a bonded logistics center and build a shipping insurance operation platform.

The forum was jointly hosted by the Shandong Provincial People's Government, the Qingdao Municipal People's Government, the Shandong Provincial Department of Transportation, and Shandong Port Group.