China Knowledge reported that Shandong Province in North China announced plans to invest CNY 30 billion to build a new Qingdao Port in the next five years.

As per report the to be built port is designed to have a same throughput capacity with the existing Qingdao port which is China second largest foreign trade port with throughput of 300 million tons.

Mr Chang Dechuan president of Qingdao Port Co Ltd said Qingdao port plans to launch an initial public offering on domestic stock market over the next five years, adding that a large hub port, logistic center and information center in China northern area will be formed.

(Sourced from China Knowledge)