Qingdao recently issued an implementation plan for a new import promotion demonstration zone in the West Coast New Area. It is one of 10 such national zones to be approved by the Ministry of Commerce.

According to Qingdao authorities, the zone in the Qingdao West Coast New Area is tasked with promoting trade and trade innovation. It will focus on establishing and improving innovative regulatory systems, complete services, and flexible trade models for imports in an effort to expand China's imports and optimize its import structure.

Qingdao West Coast New Area boasts a dynamic economy. [Photo/WeChat account: qdfbwx]

The demonstration zone will increase efforts to improve import trade promotion mechanisms, smooth the logistics channel for imports, build up a financial support system, and optimize the port customs clearance process. It will work to realize the mutual recognition of commodity quality inspection and establish an import trade rights protection mechanism.

The demonstration zone will also work to innovatively develop trade in goods. Tasks in six different areas will be emphasized, including building a bulk commodity distribution center, expanding the importation of technology and key equipment, expanding the importation of high-quality consumer goods, expanding the importation of vehicles, expanding the importation of medicine and medical equipment, and expanding and strengthening cultural trade.

It will also accelerate the construction of a public service platform, work to improve specialized carriers, build a cold-chain logistics base, and stimulate new forms of consumption.

By 2022, imports of goods are expected to exceed 150 billion yuan ($23.22 billion) in the zone, while trade in services is expected to exceed 10 billion yuan.