On November 12, the groundbreaking ceremony of China-Russia Business Cooperation and Cultural Exchange Center was held. The construction of ten key projects with a total investment of 11 billion yuan was started in Qingdao  International Economic Cooperation Zone in Qingdao West Coast New Area. The projects cover areas of economic and trade cooperation, life and health, medical equipment, new energy and new materials, etc. With high investment and strong momentum, these high-level projects will become powerful engines for opening-up and high-quality economic development of the new area.

China-Russia Business Cooperation and Cultural Exchanges Center offers a new platform for deepening bilateral exchanges and cooperation. Facilities such as hall for business exchanges, business sharing platform, achievement exhibition center, academic exchanges base will be built. Advanced concepts will be introduced; local-level exchanges will be strengthened; industrial ecological resources will be gathered. The center aims to attract Russian companies, higher education institutions and cultural, medical and research institutes to engage in business cooperation, so as to jointly work for a bright future of China-Russia Cooperation under the framework of the Belt and Road Initiative.

Turauskas Erick, representative of Central Siberia Chamber of Industry and Commerce of Russia in China said Russia and China has a long history of friendly interactions. Both countries have rich cultural heritage, huge sci-tech potential and abundant human and natural resources. This important event is a testament to the commitment of the two countries to opening-up, friendship and mutually beneficial cooperation. When putting words into action, our bilateral relations will enjoy a broader prospect and a better future.

Several other projects also started at the same period, including Qingdao BGI Health and Medical Industrial Park, Chint CO2 Air Source Heat Pump R&D and Production Project, Jinmotang Antibody Preparation and R&D project, seawater desalination membrane system equipment and engineering manufacturing project, Swarovski BCA new material project, auto parts R&D and production project, new-type electronic components R&D and Production Project, and Fuji Precision Abrasives from Japan.