China (Shandong) Pilot Free Trade Zone Yantai Area makes invaluable institutional innovations

An aerial photo of China (Shandong) Pilot Free Trade Zone Yantai Area. [Photo provided to chinadaily.com.cn]

Since its establishment in 2019, China (Shandong) Pilot Free Trade Zone Yantai Area, located in the Yantai Huang-Bohai New Area, Shandong province, has been actively exploring institutional innovations, with numerous new systems and experiences being disseminated nationwide.

Over the past five years, the region has accumulated 384 institutional innovation achievements, positioning it as the provincial leader in national-level innovations.

The impressive results can largely be attributed to the area’s focus on facilitating cross-border trade, building an open and innovative industrial chain system, harnessing the development impetus from technological innovation, creating new mechanisms for marine resource allocation, and continuously improving the business environment.

These initiatives have yielded positive outcomes, lowering transaction costs for businesses within the free trade zone, increasing production efficiency, and facilitating the movement of resources.

In the future, the area will ramp up efforts to become a high-quality free trade pilot zone, accelerate the implementation of the facilitation of free trade strategy, and contribute to promoting high-quality economic development.