China has approved three industrial parks in coastal areas to facilitate investment from the Republic of Korea (ROK).
The new projects, based on existing economic zones in Jiangsu, Shandong and Guangdong provinces respectively, are designed to expand cooperation in high-end industries and improve bilateral economic ties, according to a State Council document published Friday.
The government hopes the industrial parks can cast a new light on the country's innovation drive strategy, comprehensive opening up, and the Belt and Road Initiative.
The China-ROK industrial parks are part of the results of a bilateral free trade agreement that took effect two years ago. The two countries are preparing for a new round of talks focused on services and investment.
So far, there have been 63,000 ROK-funded projects in China with total investment of more than 71.6 billion U.S. dollars.