Qingdao FTZ celebrates 5 years of growth, innovation

The Qingdao Area of the China (Shandong) Pilot Free Trade Zone (Qingdao FTZ) marked its fifth anniversary with notable achievements on August 26. Since its approval in 2019, the FTZ has introduced over 300 innovative measures. Foreign trade imports and exports have grown by over 20 percent annually, and foreign investment has increased by 21 percent. The zone has attracted 72 projects from Fortune Global 500 companies.

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

In the first half of this year, the FTZ's foreign trade accounted for 20 percent of the city's total, with exports up by 28.3 percent year-on-year. The zone also met its half-year foreign investment targets, and local budget revenue rose by 17.3 percent.

This year, the Qingdao FTZ has made strides in institutional innovation by launching an integrated approval service model for shipping companies, cutting processing times by 30 days and reducing approval material requirements by 80 percent.

In terms of industry integration, the FTZ introduced policies to boost the shipping sector, completed northern China's first online ship cross-border transaction, and established a logistics standardization committee. It also set up a 100 million yuan ($14.07 million) "FTZ Assistance Loan" fund and expanded warehouse receipt financing.

The FTZ has advanced key high-end industries, including integrated circuits, genetics, and smart home appliances. It has supported significant projects such as a 3 billion yuan industry fund for integrated circuits, a 5 billion yuan gene project, and multiple smart home appliance investments.

The zone has enhanced its business environment by addressing over 13,500 enterprise requests, hosting the Maritime Judicial Innovation Conference, and establishing a shipping service talent training base. It has been named "China's Most Investment-Acceptable Industrial Park" for four consecutive years.

The Qingdao FTZ will continue to advance its strategic upgrades, aiming to further contribute to Qingdao's status as a modern international metropolis.