The West Coast Economic New Zone in Qingdao, Shandong province, will achieve a GDP of 500 billion yuan ($79.3 billion) by the end of the 12th Five-Year-Plan period (2011-2015), accounting for around 76 percent of the GDP of the whole city in 2011, according to the local government.

By 2015, the urbanization level will reach 80 percent, and the zone's population will grow to 2 million. At that time, regional tax and fee revenue is expected to top 30 billion yuan.

In 2011, the new zone achieved a GDP of 182.3 billion yuan. Local tax and fee revenue was 10.2 billion yuan, according to data from the local government.

Boasting a well-developed marine industry, a pristine ecological environment and sufficient urban facilities, the zone is expected to become one of the top economic zones in the country by the end of 2020.

It is anticipated that the regional GDP at that time will be more than 1 trillion yuan, and tax and fee revenue will hit 70 billion yuan. The population will reach up to 2.8 million, with an urbanization level of 90 percent.

In March, the local government of Qingdao city published the Development Plan of the West Coast Economic New Zone, which was approved on Jan 31. According to the plan, the new zone will cover an area of 2,096 square kilometers, a sea area of 5,000 sq km and have 132,000 permanent residents.

The West Coast Economic New Zone will develop rapidly based on advanced manufacturing and modern service industries, and it will specialize in marine industries in the next five years.

At the strategic level, some newly emerging industries will be prioritized, such as the marine equipment manufacturing, petrochemical processing, aviation and space industry, marine transportation and logistics, and the marine-related financial service.

Meanwhile, the government will make more efforts to turn marine technological achievements into meaningful advantages in industry. More attention will be paid to protecting the oceanic environment, and leaders will search for better ways to mitigate pollution.

During the process, the new zone will further open to the foreign investment and be established as an international shipping hub. The northern part of the new zone and Dongjiakou Port will become a driving force for the whole region.

The region aims to cultivate a group of international brands that have strong competitiveness in the global market.

At the same time, it plans to enhance cooperation between China and foreign countries, including Germany, Japan and South Korea in the sectors of trading investment, transportation, logistics, energy conservation and marine technologies.

Furthermore, the fast development of the new zone will have a ripple effect on the economic growth of the Shandong peninsula as a whole, which includes the cities of Qingdao, Weifang and Rizhao.

zhuanti@chinadaily.com.cn

(China Daily 06/13/2012 page24)