Qingdao FTZ makes 3 national-level institutional innovations

Containers carrying export goods are seen at Qingdao Port in East China's Shandong province. [Photo/VCG]

China's Ministry of Commerce (MOC) recently unveiled 47 new institutional innovations from the nation's pilot free trade zones (FTZs), comprising 23 best practice cases and 24 pilot reform experiences.

The Qingdao Area of the China (Shandong) Pilot Free Trade Zone (Qingdao FTZ) in Qingdao, Shandong province, was honored with two best practice cases and one pilot reform experience, showcasing its proactive role in leading FTZ development.

According to the MOC, the institutional innovations will serve as a model nationwide on how to deepen reform and expand opening up in relevant fields. The best practice cases mainly cover trade facilitation, transformation of government functions, factor resource security and high-quality industrial development. Pilot reform experiences mainly focus on foreign investment access, scientific and technological innovation, environmental protection, and transportation and finance, according to the ministry.

One notable achievement is Qingdao FTZ's new integrated approval service model for shipping enterprises, which has streamlined processes and reduced approval times, significantly benefiting the industry.

Another significant innovation is Qingdao FTZ's "smart form" model for enterprise registration services, which has drastically reduced processing times and increased satisfaction rates.

Additionally, Qingdao FTZ has developed a comprehensive evaluation and development system based on the concept of carbon neutrality, aiming to explore institutional innovations in green development. This initiative has led the way for a "green and low-carbon ecological development" model in the pilot free trade zone.