Qingdao and China Development Bank Capital Co have established a fund for the development of the ocean economy.

It is the city’s first large industrial fund and the country’s first investment fund for the ocean economy.

The fund’s planned total volume stands at 10 billion yuan and the first stage is expected to reach three billion yuan.

The fund’s sources include the city government, the capital company and other social capitals.

The fund investment will give priority to the construction of Qingdao’s ocean economic zone, directly investing on enterprise ready to get listed and taking part in the construction of the economic zone’s public service platform.

The capital company was established on Aug.24 2009 and is wholly owned by the National Development Bank, which is the country’s only professional investment institution with RMB investment function .

(Li Hao, Fu Jun)

QD to pilot waste recycling

China and Japan will pilot recycling of kitchen waste in Qingdao.

Under the pilot program, the kitchen waste will go under bio-safety disposal and be converted into energy like biological diesel.

The other Chinese cities to start the pilot program are Guiyang, Xining and Jiaxing.

(Li Hao, Yang Xin)