Qingdao FTZ boosts trade between Yellow River basin and BRI Countries

Uploaded containers are seen at Qingdao Port in Shandong province on Jan 9, 2023. [Photo/VCG]

The Qingdao Area of the China (Shandong) Pilot Free Trade Zone (Qingdao FTZ) has become increasingly important in promoting trade connections between the Yellow River basin and countries and regions involved in the Belt and Road Initiative.

Qingdao FTZ is the largest free trade zone in Shandong province and where Qingdao Port, China's second largest trading port, is located, providing a platform for products from the Yellow River basin to go overseas and open up new markets, making it an important gateway between the Yellow River basin and BRI countries.

It has been actively promoting trade, logistics, and cooperation with BRI-involved countries through various measures such as customs clearance facilitation reforms and has registered significant trade growth. In the first half of this year, the Qingdao FTZ saw trade with BRI-involved countries reach 66.54 billion yuan ($9.09 billion), showing a year-on-year increase of 18.9 percent.

Official statistics also show that Qingdao Port has opened 90 routes with BRI countries, and container throughput has maintained double-digit growth.

The Qingdao FTZ has also facilitated the optimization of the international bulk commodity supply chain and connected overseas warehouses to facilitate international trade. Its cross-border barter alliance has gathered 274 members and set up representative offices in East and West Africa.