Qingdao FTZ marks seven years of robust growth, innovation

Since its establishment in August 2019, the Qingdao Area of the China (Shandong) Pilot Free Trade Zone (Qingdao FTZ) has served as a testing ground for reform and opening-up, with 114 institutional innovation achievements recognized and promoted at the national and provincial levels.

Qingdao FTZ has fully implemented all 106 pilot tasks assigned by the central government and established a coordinated mechanism linking the FTZ, customs and port authorities. Of its 114 innovation achievements, 29 have been promoted nationwide and 101 across Shandong province.

The FTZ has aligned its development with Qingdao's broader strategy for fostering innovation-driven industries and building a modern marine industrial system. Building on its marine strengths, it has promoted the integrated development of shipping, trade, finance and advanced manufacturing.

The marine economy has grown by an average of 13.5 percent annually, accounting for 35 percent of the area's value added. Annual industrial output from enterprises above the designated size has approached 100 billion yuan ($14.8 billion). Cumulative investment in smart home appliances, integrated circuits, life and health sciences, and new-energy equipment manufacturing has exceeded 300 billion yuan.

The FTZ has also strengthened cooperation among major internationally oriented development hubs such as the comprehensive bonded zone and the Sino-German Ecopark, further expanding international economic and trade ties. The Sino-German Ecopark has attracted 78 investment projects from German-speaking countries, while its Going Global Service Hub provides access to more than 1,000 overseas warehouses in 87 countries. The FTZ now has trade links with 222 countries and regions.

Building on its institutional innovations and internationally oriented development hubs, the FTZ has attracted 110 investment projects involving Fortune Global 500 companies and fostered more than 500 high-tech enterprises and technology-based small and medium-sized enterprises.

Qingdao FTZ records 114 institutional innovation achievements recognized and promoted at national and provincial levels since its establishment in 2019. [Photo/VCG]