A total of nine projects worth 30.6 billion yuan, invested by Shandong Port Group, start construction in Yantai, Shandong province on Aug 14. [Photo/WeChat account: yantaifabu]

A total of nine projects worth 30.6 billion yuan ($4.41 billion), invested by Shandong Port Group, started construction in Yantai, Shandong province on Aug 14.

The projects cover the fields of port infrastructure, logistics, port industry, equity acquisition, real estate development, and equipment manufacturing.

Huo Gaoyuan, president of Shandong Port Group, Li Fengli, general manager of Shandong Port Group, Zhang Shuping, Party secretary of Yantai, and Chen Fei, mayor of Yantai, attended the opening ceremony.

Chen expressed his hope at the launch ceremony that the two sides will further deepen cooperation and jointly promote the integrated development of ports, industries, and cities.

The two sides will make full use of the policy advantages of the Yantai Area of the China (Shandong) Pilot Free Trade Zone and National Comprehensive Bonded Zone to expand services in bonded transit, international transit, and China-Europe freight trains.

It will further promote the integration development of the Jiaodong Economic Circle, Chen added.

Li said that Shandong Port Group will work together with Yantai to promote land and sea regional cooperation, as well as to help Yantai develop into a modern international coastal city featuring strong manufacturing and marine economy.