The newly added Jinan free trade area will inject more vitality to the city's opening-up and its high-quality development by replacing old growth drivers to new ones, said Wang Zhonglin, Party secretary of Jinan, capital of Shandong province.

The China (Shandong) Pilot Free Trade Zone Jinan Area was officially inaugurated on Aug 31 at Jinan's Hanyu Gold Valley, pushing the city's opening-up into a new area.

As part of the newly launched Shandong FTZ, the Jinan subzone covers an area of 37.99 square kilometers and includes the Jinan Innovation Zone, Jinan International Financial Cluster and Tangye New Area.

The area will strive to gather industrial resources and focus on developing emerging industries such as artificial intelligence, industrial finance, healthcare, cultural tourism, and information technology.

At the unveiling ceremony, a series of projects were signed into effect, with an investment of 25.3 billion yuan ($3.67 billion). Ten banks with a total credit amount of 20 billion yuan were also launched.

Jinan government is expected to build the area into an innovation highland in boosting science and technology, finance, foreign trade, and business environment, added Zheng Deyan, deputy mayor of Jinan.

Jinan Innovation Zone. [Photo/IC]