Qingdao FTZ achieves remarkable institutional innovations in 2023

The Information Office of Qingdao Municipal People's Government unveils Qingdao FTZ's achievements in forming institutional innovations on Dec 26. [Photo/WeChat ID: qingdaozimao]

The Qingdao Area of the China (Shandong) Pilot Free Trade Zone (Qingdao FTZ) has generated 32 high-quality institutional innovations this year, surpassing its target of 30, local officials announced at a news conference on Dec 26.

One of the test fields for the nation's reform and opening-up, Qingdao FTZ's institutional innovations have not only propelled its own high-quality development but have also contributed to overall economic growth.

Officials said that one of the FTZ's innovations has been selected for promotion across the country by the State Council. Five of them have been promoted across nine provinces in the Yellow River Basin, and 22 innovations have been promoted across Shandong province.

These innovations possess three key characteristics. Firstly, they have substantial value. The "movable collateral financing business model" has been acknowledged as a top-level institutional innovation by the State Council, while the "reshaping of the bulk trade ecosystem through digital 'new infrastructure'" has been promoted by the State Council Inter-Ministerial Joint Conference for the work on FTZs.

Secondly, they have brought about fundamental changes in the business environment. By addressing obstacles at the institutional level, these innovations have reduced operating costs and enhanced operational efficiency for businesses.

Lastly, the innovations have emphasized Qingdao's unique strengths, particularly in areas such as trade and finance integration, marine economy, and green and low-carbon initiatives.