The Chinese Academy of Inspection and Quarantine (CAIQ), the Shandong Special Equipment Inspection and Testing Group, science park developers Tus-Holdings Co and the Tai'an municipal government signed a strategic cooperation agreement on June 23 to jointly build the CAIQ Taishan Center in Tai'an's Daiyue district.

The 8 billion yuan ($1.2 billion) project will involve the construction of a high-tech business park designed to become a hub for companies in the inspection and testing industries, according to the agreement.

The move is part of a major drive by the city in Shandong province to replace old growth drivers with new ones to sustain economic growth.

The park will be completed in three to five years, according to the Tai'an municipal government.