Qingdao, a coastal city of Shandong province, issued an "Action Plan", seizing the new opportunity to extend Qingdao-Korean cooperation, on the same day when the China-Korea FTA was formally signed.

The "Action Plan" involving seventeen projects, which covered the cooperation in high-end and innovative industry, service industry, marine science and technology, trade and investment, e-commerce and financial field, transportation development and exchanges between cities.

With an intention to achieve sustainable development in the cooperation with Korea, the plan was to double the investment and import and export volume to Korea until 2020.

Not only would the plan benefit competitive enterprises in Qingdao "going out" to achieve efficient allocation of investment and rational distribution of industry and resources, but it would also help reduce restrictions on foreign investment to attract more Korean funds, promoting industrial upgrading and transformation.