Qingdao FTZ marks 4th anniversary by publishing white paper

A white paper on developmental achievements of the Qingdao Free Trade Zone is released on Aug 29. [Photo/WeChat account: qingdaozimao]

A white paper on the developmental achievements of the Qingdao Free Trade Zone since its establishment four years ago was released on Aug 29.

Released by the Management Committee of the Qingdao FTZ, the white paper is focused on 12 aspects of economic development: institutional innovation, modern marine development, international trade development, shipping logistics development, modern financial development, advanced manufacturing development, comprehensive bonded zone development, park construction, talent introduction and employment, fiscal and taxation work, and market entity development.

Since its establishment, the Qingdao FTZ has adhered to international economic and trade rules such as RCEP and CPTPP, according to the white paper.

A total of 285 innovative cases have been made in fields such as intellectual property protection, and environmental protection and development, 12 of which have been replicated and promoted by the State Council and national ministries and commissions, and 52 replicated and promoted across the province, according to the white paper.

Institutional innovation has empowered the industry and effectively stimulated strong momentum for high-quality development. According to statistics, the Qingdao FTZ's foreign trade imports and exports totaled 635.3 billion yuan ($89.9 billion) over the last four years and grew at an average annual growth rate of 27.3 percent. Meanwhile, the actual use of foreign capital has totaled $2.53 billion and grown at an average annual growth rate of 26.3 percent.

Cui Weijie, deputy director of the International Trade and Economic Cooperation Research Institute of the Ministry of Commerce, said the Qingdao FTZ has maximized the advantages of institutional innovation and improved in terms of high-level opening-up and high-quality development.