The Qingdao Area of the China (Shandong) Pilot Free Trade Zone has been developing rapidly since it was established last August. 

As of the end of 2019, the Qingdao area of the Shandong FTZ had 1,851 newly registered market entities, 64 of which were foreign-funded. There were also 78 industrial projects either already under construction or still in the preparation stage, with a total investment of 86.9 billion yuan ($12.55 billion).

The area has attracted investment in five industries – modern ocean, international trade, shipping logistics, modern finance and advanced manufacturing.

Wang Qingxian (left), Party chief of Qingdao, and Meng Fanli, mayor of Qingdao, unveil the Qingdao Area of the China (Shandong) Pilot Free Trade Zone on Aug 31, 2019. [Photo provided to chinadaily.com.cn]

Construction has begun on a number of major projects, including the Sino-Japanese Life and Health Center, with a total investment of 1.34 billion yuan, the Qingdao Port Trade Center, with a total investment of 1.5 billion yuan, and the Jiudingfeng Trade Building, with a total investment of approximately 180 million yuan.

The trade tower was inaugurated last October in Qingdao West Coast New Area. It was designed to be an important carrier platform for the development of the modern marine industry and international trade enterprises in the Qingdao area of the Shandong FTZ.

In addition, the international cooperation and exchange center, international trade center, international shipping center, international financial center, industrial and commercial center, and science and innovation center have all opened to the public. These areas feature comprehensive facilities integrating business offices, trade services, conventions, and exhibitions.

The area has rolled out several institutional innovations, including establishing an online service platform for enterprise registration, setting up a special court for intellectual property rights cases, and a number of financial innovations.

The eastern coastal city of Qingdao [Photo/qingdaonews.com]

The area covers 52 square kilometers in total and is located in the Qingdao West Coast New Area. It comprises four functional zones -- the Qingdao Qianwan Free Trade Port Zone, the West Coast Area Integrated Free Trade Zone, the Qingdao Economic and Technological Development Zone and the Sino-German Ecopark.

According to statistics from the Qingdao commerce bureau, in the first 10 months of 2019, the Qingdao Qianwan Free Trade Port Zone achieved a total import and export volume of 84.22 billion yuan, up 23 percent year on year. Five domestic and one international container sea-rail combined transport lines were added in the area, bringing the total number to 46.