Companies in FTZ winning recognition

Officials to the third Qingdao Multinationals Summit, which was held from June 19-21, shared their experience in achieving innovation-driven development and high-quality opening-up in the Qingdao Area of the China (Shandong) Pilot Free Trade Zone.

The area, which is located in Qingdao's West Coast New Area, Shandong province, covers 52 square kilometers. Since its establishment by the State Council in 2019, it has been committed to creating a free and convenient business environment to develop foreign trade and logistics and attract investment, capital and personnel.

Leveraging preferential policies, such as the New Eurasian Continental Bridge Economic Corridor and Shanghai Cooperation Organization's agreement, the Qingdao area is striving to become an international shipping hub, an innovation center and a marine economic demonstration zone, said Wang Li, deputy director of the area's management committee.

Qingdao FTZ has undertaken 106 pioneering tasks as a national-level reform pilot area and achieved 226 innovations in working formats or management systems. Of them, four items were promoted at national level and 29 at provincial level, Wang said.

Its innovation index ranked third among the 19 contenders in the fifth batch of pilot FTZs in China. And it has been rated among China's top 10 industrial parks with a high value for investment for two consecutive years.

The area also showcases what the Regional Comprehensive Economic Partnership agreement has done in boosting cross-border trade among China and its regional partners, such as Japan and South Korea. In the area, there are more than 900 enterprises from the two nations.

In recent years, local administrations and enterprises have promoted the use of digital tools in daily production, including the "digital warehouse", which has empowered the trade in bulk commodities.

It has optimized blockchain-related financing based on digital warehouse receipts and implemented a new model of export tax rebates in cross-border e-commerce, Wang said.

Centering on a group of emerging industries such as integrated circuits, intelligent manufacturing and gene technology, the area is gathering a number of high-end platforms and accelerating the construction of new industrial projects in a bid to create an advanced manufacturing industry cluster.

Official data show that from January to April, the area's foreign trade volume reached an estimated 53.9 billion yuan ($8 billion), up 10.2 percent year-on-year. The amount of paid-in foreign capital reached $433 million in the period.

The commerce and trade industry above designated size achieved total sales of 118.1 billion yuan, up 21.7 percent year-on-year. A total of 1,777 market players were newly registered.