Area thrives as global innovation and trade hub

Since its establishment in 2019, the Qingdao Area of the China (Shandong) Pilot Free Trade Zone has taken institutional innovation as its core to boost the opening-up and high-quality development of the region, said local officials.

The Qingdao free trade area stands in the first echelon among the 67 areas of the 21 pilot free trade zones in the country in terms of work promotion, innovation achievements and operation, according to a recent report released by the Chinese Academy of International Trade and Economic Cooperation.

In the past three years, a total of 226 reform and innovation measures have been applied in the area, two of which have been replicated and promoted nationwide, seven have been put on record by national ministries and commissions, and 29 have been replicated and promoted across the province.

The area is home to 25,000 corporate entities and 12,300 taxpayers and has launched 149 domestic and overseas investment projects.

The area has taken the lead in exploring an institutional system that is linked to the prevailing rules of international trade and investment.

"We focus on institutional innovation, shipping trade, and advanced manufacturing, and in pushing construction of the area to a new level," said Sui Bin, deputy director of the management committee of the Qingdao Area of the China (Shandong) Pilot Free Trade Zone.

He said that the area will step up the implementation of the "five special projects and six major industry promotions".

"The area will further optimize the innovation mechanism of regional customs, port and tariffs, explore the high-standard international economic and trade rules, promote the regulations under the Regional Comprehensive Economic Partnership and form a batch of replicable and popularized achievements," Sui said.

Cui Weijie, deputy director of the Chinese Academy of International Trade and Economic Cooperation, said that the Qingdao Area of the China (Shandong) Pilot Free Trade Zone has set a new benchmark for institutional innovation, with key breakthroughs and leading experiences.

"Qingdao's innovative achievements have achieved three breakthroughs: to break through management regulations, to break through regulatory boundaries, and to break through management models."