The Qingdao Rail Transit Industry Demonstration Zone has been working to attract high-quality projects to promote regional rail transit industry development, according to local officials.

On April 20, a delegation consisting of eight officials from the zone's management committee paid a visit to Beijing to promote investment negotiations.

The delegation first visited the State Power Investment Corporation (SPIC) Research Institute. In October last year, the SPIC Research Institute invested in the Qingdao Green Development Research Institute Co, which was put into operation at the Qingdao Rail Transit Industry Demonstration Zone.

The world's first 600-kilometer-per-hour high-speed maglev train system is launched in Qingdao on July 20, 2021. [Photo/China Daily]

The SPIC Research Institute positioned the Qingdao demonstration zone as an important industrialization base. It will lead investment in the construction of a clean energy innovation and development integrated industrial park in the demonstration zone, and help Qingdao build a low-carbon industrial cluster that includes hydrogen energy and new energy storage.

The delegation also visited the Zhongxingtong Group, which constructed a rail transit industrial park project in Qingdao with a total investment of 5.3 billion yuan ($801.36 million).

The project's first phase, with a total investment of 2.6 billion yuan, has completed construction. It will focus on the R&D and manufacturing of high-speed iron transparent parts, new graphene-aluminum alloy cables, high strength aluminum alloy castings, new welding wire and other new material products.

After the project is put into operation, the annual sales revenue is expected to be more than 5 billion yuan, and the tax revenue is expected to be over 300 million yuan.

The delegation also visited five other companies based in Beijing to further cooperation.