China unveils first industrial park after signing FTA with ROK

BEIJING - China unveiled a blueprint for an industrial park in East China's Yantai city, Shandong province?on Wednesday to facilitate investment by enterprises from the Republic of Korea (ROK).

It is the first step in the country's greater ambition to promote Sino-ROK industrial parks following the signing of a free trade agreement (FTA) between the two sides on Monday.

The city has started construction and will encourage cooperation in high-tech equipment manufacturing, new energy, electronic information and oceanic engineering, as well as the modern tertiary sector, Yang Li, deputy mayor of the city, said during a press briefing held in Beijing.

Yang hopes the industrial park will provide footing for South Korean companies to invest in China and vowed to build the area into a model of industrial cooperation between the two countries and a major logistics hub of Northeast Asia.

The industrial park will cooperate with Saemangeum economic zone in the ROK to facilitate mutual development.

Yantai, one of 10 major ports in China, boasts close economic ties with the ROK thanks to its regional advantage. Its trade with the country reached $10.97 billion?in 2014, accounting for 3.7 percent of China's total.

China's Ministry of Commerce has promised to promote the building of industrial parks in China as part of efforts to implement the FTA and boost Sino-ROK trade.

In addition to Yantai, the governments of Changzhou, Weifang, Weihai and Wenzhou also intend to set up their own industrial parks.