The Nansha Area of the China (Guangdong) Pilot Free Trade Zone in Guangzhou province and the Qingdao Area of China (Shandong) Pilot Free Trade Zone in Shandong province signed a strategic cooperation framework agreement on innovative development in Qingdao West Coast New Area on March 12.

Containers are unloaded at Qingdao Port in Shandong province. [Photo/VCG]

According to the agreement, the two sides will promote efforts to share the fruits of institutional innovation, advance online government services cooperation, and build a world-class demonstration zone for a business environment.

The two places will intensify efforts to further the integration of port and shipping services. Port cooperation as well as port informatization infrastructure construction between the two sides will be strengthened.

The two free trade areas will enhance connectivity in trade and industry cooperation as well as in the finance sector.

The two sides also signed an agreement to build a global traceability center to foster a new ecosystem of digital trade innovation and development.

Based on the global traceability center, the two sides will aim to provide new tools for regional digital governance model and create future digital asset management and digital governance paradigm samples.