The Jiaodong Economic Circle in Shandong province — including the cities of Qingdao, Yantai, Weifang, Weihai and Rizhao — plans to accelerate economic integration and become a new engine for China's economic growth, especially in the Northeast.

A promotional meeting for the integration of Jiaodong Economic Circle was held on Tuesday in Beijing. A 100 billion yuan ($15.27 billion) investment fund for infrastructure fund was unveiled during the event. The money will be spent to connect the cities' infrastructure, enhance urban functions, upgrade industry and cultivate new economic growth.

Yang Weimin, deputy director of the Economic Affairs Committee of the National Committee of the Chinese People's Political Consultative Conference, said that as one of key urbanized areas in China, the Jiaodong Economic Circle will enhance Qingdao's role as a central city, accelerate shifts in the agricultural population, promote the healthy development of real estate and create a market-oriented international business environment. The economic circle will build the area into an important modern economic zone for China, Yang said.

Wang Qingxian, Party secretary of Qingdao, said the Jiaodong Economic Circle is not only a key strategic hub serving north, south, east and west but also an important pivot point for the New Eurasian Land Bridge economic corridor eastward to Japan and South Korea and westward to countries involved in the Belt and Road Initiative.

"The area plays dual role in the country's new dual circulation development paradigm, which focuses on the domestic market as a mainstay, with the domestic and foreign markets expected to complement each other," Wang said at the event on Tuesday.

The Jiaodong Economic Circle has a total area of 52,300 square kilometers, a population of more than 32 million and a 2019 GDP of 3 trillion yuan ($433.74 billion).

The area's GDP and fiscal revenue accounted for more then 40 percent of Shandong's total, while its foreign trade and utilization of foreign capital accounted for more than 60 percent of the province's total.