Qingdao was recently approved by the State Council to hold the 2014 Meeting of Asia Pacific Economic Cooperation (APEC) Ministers Responsible for Trade next May, according to the Qingdao bureau of commerce.

One of the APEC Senior Officials' Meetings will also take place in Qingdao during the same period.

Following Shanghai, where the Meeting of APEC Ministers Responsible for Trade was held in 2001, the Shandong eastern coastal city will become the second Chinese city to host the meeting.

APEC, which has 21 members to date, is the premier forum for facilitating economic growth, cooperation, trade and investment in the Asia-Pacific region. Its members account for over 50 percent of world GDP and about 48 percent of world trade.

Qingdao has close connections with APEC members. According to authoritative statistics, the actual investment from APEC member countries and regions in Qingdao amounted to $36.38 billion by the end of 2012, taking up 84.4 percent of the whole city's actual foreign investment. Overseas investment by Qingdao in APEC members reached to $2.14 billion, 75.4 percent of the city's overseas investment.

Qingdao was also recognized by Fortune Magazine China as a "Top Emerging Chinese Business City" in 2012.

Preparatory work for the 2014 Meeting of APEC Ministers Responsible for Trade is under way, said the Qingdao bureau of commerce.