THE Qingdao government and China Development Bank (CDB) have singed a memorandum of cooperation for the development of a marine economy.

    As well as financial services, the CDB will provide support for Qingdao infrastructure such as rail transit and the Dongjiakou Port Area. The CDB will increase support for the city in developing strategic emerging industries and a modern service industry.

    The memorandum of cooperation will open the way for small-and-medium enterprises to receive preferential support.

    The city will use bank support to accelerate the construction of government-subsidized cheap housing for low and middle income families and the renovation of urban villages and older city areas.

    The CDB will also support city enterprises in expanding overseas, strengthening their international competitiveness.(Li Hao, Fu Jun)