New Jersey Governor Signs Historic Agreement With Shandong Province

April 1, 2008 -- Trenton – New Jersey Governor Jon S. Corzine today signed an historic Memorandum of Understanding with Shandong Province, marking for only the second time ever that New Jersey has entered into an agreement with a Chinese Province. The first comprehensive cooperative agreement was signed more than 27 years ago with Zhejiang.

“We sign this Memorandum of Understanding at a vitally important time,” said Governor Corzine. “The downturn in world markets and the recession in the United States demonstrate that maintaining and strengthening international relationships is a critical priority for the economic well being of our state and our citizens.”

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“Today, New Jersey and Shandong finally formalize our long-standing relationship. Through this agreement, we look forward to establishing closer ties with Shandong and many years of successful bilateral exchanges.”

In addition to Vice Governor Cai, Vice Governor of the Province of Shandong, key members of the delegation meeting with Governor Corzine included His Excellency Ambassador Peng, Consul General of the People’s Republic of China in New York and Director General Lu, Director General of the Shandong Department of Foreign Trade and Economic Cooperation.

The Memorandum of Understanding provides an official platform to foster ongoing partnerships and exchanges between New Jersey and Shandong in the areas of international trade, commerce, education, logistics, science and technology, tourism and culture.

Shandong Province is a cradle of Chinese civilization and the birthplace of Confucian culture. Located on the East Coast of China, between Beijing and Shanghai, Shandong shares many commonalities with the Garden State. Like New Jersey, Shandong Province is located in the main traffic artery in East China, connecting the South and North of the country. It is a key logistics hub for the Chinese economy. There are 24 seaports in Shandong Province, with a total annual handling capacity of more than 470 million tons, serving shipping lines to more than 140 countries and regions. It is one of the country’s wealthiest provinces.

China is one of New Jersey’s top international growth markets. Trade with China grew 9.2% from 2006 to 2007, positioning China as New Jersey’s 10th largest export partner. Last year, New Jersey exported approximately $901.4 million in products to China. The state’s top five exports to China include precious metals and precious stones; industrial machinery, including computers; plastics and related products; electrical machinery, sound and TV equipment, and parts and organic chemicals.

New Jersey is the 9th largest exporting state in the nation. In 2007, the state’s export economy grew by $3.5 billion. Nationally, New Jersey’s exports grew 12.8% faster than the country’s export growth of 12.1%. Overall state exports of $30.5 billion in 2007 now support over 366,000 jobs in New Jersey.

Source: New Jersey Governor