Qingdao FTZ Bulk Commodity Trade Matchmaking Event kicks off

On May 23, the Qingdao Area of the China (Shandong) Pilot Free Trade Zone, also known as the Qingdao FTZ hosted a trade matchmaking event aimed at facilitating connections between bulk commodity enterprises and financial institutions. The event was attended by six financial institutions, including the Qingdao branches of the Bank of China and China Construction Bank, as well as 35 bulk commodity demand enterprises. Special guests included representatives from the Qingdao Municipal Bureau of Commerce and the Qingdao Trade Development Service Center.

The Qingdao Area of the China (Shandong) Pilot Free Trade Zone. [Photo by Miao Hongtian/for chinadaily.com.cn]

At the promotion event, each financial institution introduced its latest financial products for bulk commodities, including supply chain and logistics finance, digital warehouse receipt pledge financing, closed-loop transaction transfers, and foreign exchange risk hedging services. They also interacted with enterprises on-site, engaging in one-on-one business needs matching.

The Qingdao FTZ aims to broaden financing channels for bulk commodity trading enterprises and actively promote the "digital trade + digital warehousing + digital finance" financing model, thereby creating an ecosystem for bulk commodity trade. This matchmaking event between financial institutions and enterprises aims to expand communication channels and promote economic and trade innovation based on demand.

As a critical gateway for Qingdao's opening up and a hub for international bulk commodity trade, Qingdao FTZ has achieved a foreign trade volume of 635.3 billion yuan ($87.69 billion) since it was approved in 2019, with an average annual growth of 27.3 percent.

In 2023, the region's foreign trade volume reached 216 billion yuan, making a 15.4 percent year-on-year increase. The volume represented 6.6 percent of Shandong province's total foreign trade and accounted for 24.6 percent of Qingdao's total foreign trade volume.