The Carlyle Group is looking to make the province of Shandong, China into Shangri La. The Shandong Provincial Government and the private equity giant have entered into a partnership to enhance trade co-operation and stimulate investment in the province.

As part of the agreement, Carlyle will actively promote the investment potential of China’s second-largest province to investors outside China and dedicate resources to the region to promote and develop sustainable, long-term commercial enterprises. In return, SDFTEC will assist Carlyle by proactively recommending opportunities in Shandong for strategic investment.

Shandong, which is about 100 miles south of Beijing, is home to more than 90 million people.It also ranks second among Chinese provinces in terms of gross domestic product. Its GDP has grown at an average annual rate of 14.3% over the last five years, according to Carlyle.

“The development of Shandong Province is of critical importance to China,” said William Conway, co-founder of The Carlyle Group. “We look forward to creating value, promoting Shandong Province as a favorable investment destination and developing strong and lasting partnerships with companies and industries in Shandong Province. We will also help leading Shandong companies to expand overseas through investments and partnerships.”