The Qingdao port of the coastal city of Qingdao, Shandong province, recently signed a cooperation agreement with Binzhou port in Binzhou city, also in Shandong. This agreement is to set up a joint venture, which is expected to help Qingdao get better development in Beijing-Tianjin-Hebei Region, according to the Chinese-language Qingdao Daily.

With the total registered capital of 50 million yuan ($8 million), the joint venture will engage in the operation of two 30,000-ton wharfs at Binzhou port. The two parties agreed to invest cash with 50 percent shareholding individually. They will carry out greater cooperation in modern logistic service, commodity transaction and deliveries in the future.