The Qingdao West Coast New Area has been ramping up efforts to further open up and seize the opportunities arising from national strategies.
The Ministry of Commerce announced on Nov 4 that 10 demonstration zones will be established across the country to drive the steady expansion of China's imports and optimize its import structure. One of these zones will be located in the Qingdao West Coast New Area.
The Qingdao Area of the China (Shandong) Pilot Free Trade Zone is located within this zone. It is also the largest section of the Shandong FTZ, compared to similar areas in Jinan and Yantai.
The Qingdao Area of the China (Shandong) Pilot Free Trade Zone is located in Qingdao West Coast New Area. It is the largest section of the Shandong FTZ. [Photo/qingdaonews.com]
Since its establishment on Aug 31, 2019, the Qingdao area of Shandong FTZ has been focused on fostering innovative regulatory systems, complete service functions, and flexible trade models.
Of the 106 pilot tasks listed in the overall blueprint for the Qingdao area of Shandong FTZ, 96 have already been implemented. The zone has also reported 13 pioneering institutional innovation cases which can be replicated in other areas in China.
Official statistics show that by the end of August this year, 5,149 new taxpaying enterprises had registered in the Qingdao area of Shandong FTZ, among which private enterprises accounted for 97.7 percent.
From January to September this year, the actual utilization of foreign investment in the Qingdao area of Shandong FTZ reached $284 million, up 64.1 percent year-on-year.
Containers are unloaded at Qingdao Port in Shandong province in March. [Photo by Yu Fangping/For China Daily]
During this period, the area's imports and exports reached 75 billion yuan ($11.47 billion), the same as the same period last year, while its cross-border e-commerce achieved sales of 1.57 billion yuan, a nine-fold increase over the same period last year.
The recent signing of the Regional Comprehensive Economic Partnership agreement also enables the area, which is actively promoting the domestic and international dual circulation development pattern, to explore new room for international cooperation, said local authorities.