Qinghai province should take full advantage of State policy and vigorously develop advantageous industries and a circular economy, Miao Wei, Minister of Industry and Information Technology, said over the weekend at the opening ceremony of the 2012 Qinghai Green Economy Investment and Trade Fair.

Qinghai should use the rare opportunity of the State-approved Qaidam circular economy pilot zones and actively develop advantageous industries such as salt lake chemicals, accelerate the development of new energy, new materials, high-end equipment manufacturing and other strategic emerging industries, Miao said.

Qaidam Basin, in northern Qinghai is famous for its large mineral deposits, such as borax, lithium and magnesium.

The Qaidam circular economy pilot zone was approved by Beijing in 2010. It is the only circular economy pilot zone in the Tibetan area.

The number of projects due to be signed at this year's fair?reaches?211. Their value is 150.9 billion yuan ($23 billion), according to the organizer.

About 68 percent of the planed projects are "green" and low carbon.

The four-day event has drawn more than 10,000 delegates from State-owned, private and foreign enterprises.