New institutional innovations from Qingdao FTZ to be promoted across Shandong

Shandong province issued a notice to replicate and promote 39 institutional innovations from the China (Shandong) Pilot Free Trade Zone on Dec 7.

Eighteen of these innovations are from the Qingdao Area of the China (Shandong) Pilot Free Trade Zone (Qingdao FTZ). They are as follows:

Two are related to the marine economy field: the reform of marine area usage rights registration and offshore structure ownership, and a recognition mechanism for registering business entities engaged in marine economic activities.

One is related to the green and low-carbon field: the inclusion of carbon assessment in the environmental impact assessment mechanism.

Three are related to the regional linkage and innovative development field: the "step-by-step inspection" model for imported copper concentrate, the B2B export model for cross-border pesticide e-commerce, and the "Qingdao-Weihai Port Integration" operation model.

Four are related to the government management innovation field: collaborative property auction and enforcement, provision of international maritime judicial standards, "one-stop" process for public resource trading, and the "fast track" for international ship supply services.

Four are related to the financial openness and innovation field: a new credit insurance financing model based on "receivables for international shipping fees" as collateral, a new financing model for "chain financing" of imported crude oil, innovation in climate investment and financing mechanisms, and a new path for financing railway transportation documents.

Four are related to the trade and investment facilitation field: the "instant processing" of income certification for FDA small business qualification, fill-free declaration for export tax refunds/exemptions, the model for exporting used new energy vehicles, and credit enhancement services for foreign trade enterprises' exchange rate hedging.