Qingdao promotes development of functional zones

Qingdao, Shandong province. [Photo provided to chinadaily.com.cn]

Functional zones are the vanguard of Qingdao's reform and opening-up and the strong magnetic field that gathers various high-end innovative elements, said local officials.

In recent years, the 21 functional zones in Qingdao have played a leading role in reform and opening up, focusing on their main responsibilities and industries. They have promoted industrial upgrading, enhanced innovation capacity, and injected new vitality into the city's high-quality development.

The Qingdao Area of the China (Shandong) Pilot Free Trade Zone, also known as the Qingdao FTZ, is located in the Qingdao West Coast New Area, which covers an area of 52 square kilometers.

Since its establishment in August 2019, the Qingdao FTZ has formed 51 institutional innovation measures, 12 of which have been replicated and promoted by the State Council and national ministries and commissions across the country.

The comprehensive development level of the Qingdao Economic and Technological Development Zone ranks seventh in the country and first in the province. The zone is striving to become a high-end industrial gathering place in the Qingdao West Coast New Area and a new base for industrial growth in the city.

The China-SCO Local Economic and Trade Cooperation Demonstration Area, also known as SCODA, is China's first demonstration area for economic and trade cooperation with member states of the Shanghai Cooperation Organization. It was built to promote economic and trade cooperation with SCO members.

The SCODA is set to introduce 30 institutional innovations and speed up the construction of key projects by 2027. It will also seek breakthroughs in building a new platform for promoting international cooperation under the framework of the Belt and Road Initiative.