The Ministry of Commerce has selected Qingdao as among the second batch of nine demonstrative cities implementing the Closer Economic Partnership Arrangement (CEPA) with Hong Kong and Macao.

Qingdao will strengthen cooperation with Hong Kong in the fields of financial service, port logistics, commerce, brand promotion, science and technology, culture, tourism and exposition.

The implementation of the CEPA will play an important role in pushing the development of modern services in Qingdao, said the city’s commerce bureau.

Hong Kong is Qingdao’s second source of foreign investment and fifth-biggest trading partner, as well as its fifth-biggest export market.

(Li Hao, Shen Junlin)