QINGQDAO Municipal Transport Committee plans to accelerate transformation and upgrade of logistics industry on port and shipping and to build logistics parks of 10 million square metres in 2014, reports Xinhua.

Involving an annual investment of CNY11.8 billion (US$287.7 million) this year, the authority will focus on 28 major logistics projects in the city, with the aim to start construction of 2.92 million square metres and complete construction of 1.06 million square metres.

At present, construction of 5.7 million square metres' projects has been completed with six logistics parks, seven logistics centres and eight distribution centres built.

In 2013, Qingdao's added value of logistics industry reached CNY70.8 billion, accounting for 8.9 per cent of the city's GDP and making Qingdao a logistics hub city in the province.

Annual cargo volume and container throughput of the port is expected to reach 470 million tonnes and 16.6 million TEU in 2014 with the added value of logistics industry hitting CNY77 billion.