The new Shandong free trade zone, widely seen as providing an engine for growth and innovation that will add to the nation's economic advancement, was inaugurated on Friday.

Liu Jiayi, Party chief of Shandong province and Gong Zheng, governor of Shandong province, jointly unveiled the nameplate for the China (Shandong) Pilot Free Trade Zone on Aug 30 in Jinan, capital city of East China's Shandong province.

Covering a total area of 119.98 square kilometers, the Shandong FTZ comprises three areas in Qingdao, Yantai and Jinan. The Jinan section covers an area of 37.99 sq km, the Yantai part covers 29.99 sq km while the Qingdao area is the biggest, covering 52 sq km.

The nameplates for the three areas were also unveiled, as well as the leading group office of the Shandong FTZ.

Liu said in his keynote speech at the unveiling ceremony that the establishment of the Shandong FTZ was a major opportunity for Shandong's development and the province would proceed to carry out reform tasks in line with its strategic positioning and characteristics according to the overall plan released by the State Council on Aug 26.

According to the plan, the Yantai area covering an area of with an area of 29.99 square kilometers consists of the Sino-Korea (Yantai) Industrial Park and the west part of Yantai Bonded Port Area. It  will focus on the development of high-end equipment manufacturing, new materials, new generations of information technology, energy conservation and environmental protection, biomedicines and producer services.

The area aims to establish a pilot zone for China-Republic of Korea trading and investment cooperation, a marine intelligent manufacturing base and a demonstration zone for national scientific and technological achievements and international technology transfers and transformation.

Major projects which will settle in the Shandong FTZ's three areas, were also signed at the event.