The eastern coastal city of Qingdao, Shandong province, released an action plan to take advantage of a free trade agreement between China and South Korea.

The plans cover 20 major tasks involving, trade expansion, inclusion of the city's cooperation with South Korea into China's national strategy, and in-depth integration.

Qingdao hopes to achieve a sustainable growth of trade and investment in coming years. The city' plans for exports to South Korea to double by 2020, while South Korean investments will total about $20 billion and the city's total investments in South Korea will double the 2015 level.

Also on June 1, Qingdao and Busan signed a memorandum of understanding on financial cooperation at a financial market cooperation forum jointly held by the two sides in Qingdao.

Qingdao and Busan will set up effective capital cooperation platforms for both sides, establish a Qingdao-Busan financial dialog mechanism, and cooperate in several ways. These include recommending enterprises to be listed on stock markets, issuing bonds and launching funds, which will all contribute to the construction of Qingdao's pilot zone for comprehensive financial reform in wealth management.

In addition, the Ministry of Commerce has said that it will recommend Qingdao's China-South Korea innovation park to South Korea, which will boost higher economic and trade cooperation between Qingdao and South Korea.