Subjects: TDS, FOR, TRD, FVT
International Daily News: Qingdao grows in appeal as a venue for important multilateral events
QINGDAO, China, May 22, 2018 /PRNewswire/ -- Home to Tsingtao Beer and home appliance giant Haier, Qingdao is becoming a more attractive place to host important multilateral events.
On the 9th and 10th of June, the coastal city in east China's Shandong Province will host the 18th summit of the Shanghai Cooperation Organization (SCO), the regional organization bringing together a grouping of countries representing the largest slice of the world's population.
The SCO accounts for nearly half of the world's population, over 60 percent of the Eurasian landmass, and more than 20 percent of global GDP. The organization's eight member states include China, Kazakhstan, Kyrgyzstan, India, Pakistan, Russia, Tajikistan and Uzbekistan.
Since the creation of the SCO in 2001, the summit has been held in China three times - twice in Shanghai and once in Beijing. Qingdao is the third host city.
The summit will not only boost Qingdao's tourism, trade and convention and exhibition sectors, but also promote the emergence and expansion of new growth sources and enhance the quality of the city's economic development, according to the municipal commercial authority.
The effects of hosting the SCO summit have already been felt during the past several weeks, as the amount of money spent by tourists visiting the city during the three-day Labour Day holiday surged 19.22 percent year-on-year to 7.32 billion yuan ($US 1.15 billion).
The growth exceeded by a healthy margin the 14 percent increase in the city's tourism revenues for the full year of 2017.
As a gateway city for the country's reform and opening up policy, Qingdao is also leveraging the opportunity to enhance economic cooperation with the countries of Central and South Asia.
Last year, trade between Qingdao and the SCO's members, observer states and dialogue partners rose 12.5 percent to 39.02 billion yuan ($US 6.12 billion).
As of the end of last year, Qingdao had invested 500 million dollars in 74 projects in the SCO-related countries, while the same group of countries had signed contracts to invest 475 million dollars in 226 projects in Qingdao.
Contact: [email protected]
SOURCE International Daily News
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