The Ministry of Commerce recently approved the establishment of an industrial park in Qingdao, Shandong province, with the aim of enhancing business ties between Europe and Asia, Qingdao Daily reported on March 23.

The Jiaozhou Industrial Park for Europe-Asia Economic and Trade Cooperation, located in the city's bonded port area, is aimed at developing cross-border e-commerce, foreign trade and logistics, introducing advanced foreign technologies, and attracting high-end equipment manufacturing projects.

The project is part of the prospective Industrial Parks for Europe-Asia Economic and Trade Cooperation, jointly built by countries including China, Russia, Kazakhstan and Kyrgyzstan, in a bid to implement the Belt and Road Initiative.

It will also serve as an industrial incubation center and commodity distribution hub contributing to industrial clusters on the east coast of China, according to project insiders.