West Coast New Area

SCO demonstration zone promotes economic cooperation

( | 2021-09-27

The China-Shanghai Cooperation Organization Demonstration Zone for Local Economic and Trade Cooperation in Qingdao has witnessed significant economic and trade cooperation achievements since it was established in Jiaozhou, a county-level city in Qingdao, East China's Shandong province in 2019.

Statistics show that in the first half of the year, the scale and quality of the demonstration zone's economic development have been further improved. Its general public budget revenue increased by 17 percent, its industrial output value increased by 35 percent, and its foreign capital received increased by 163 percent in that time.

The founding of the zone has brought significant benefits to enterprises in the areas of registration, integrated processing and innovation.

The zone also includes an international platform for legal and financial services via online and offline channels, covering four service agencies and four well-known law firms.


The establishment of the China-Shanghai Cooperation Organization Demonstration Zone for Local Economic and Trade Cooperation is designed to deepen opening-up and international cooperation. [Photo/]

In its efforts to build an international logistics center, 21 international and domestic trains have been launched. In the first eight months of this year, a total of 358 China-Europe trains and 29,000 TEUs of goods have gone through customs clearance and release procedures in the zone, up 53.6 percent and 85.2 percent compared with the same period last year.


The first China-Europe train departs from the SCO demonstration zone to Dushanbe, the capital of Tajikistan, on July 5, 2019. [Photo/]

The zone has introduced 433 new trade entities, with a total estimated trading value of 11.5 billion yuan ($2 billion), a year-on-year increase of 45.5 percent.

To further deepen opening up, the zone has signed agreements on 46 projects, with a total investment of 160.5 billion yuan. The first phase of the Haier Pakistan-Ruba Industrial Park has been completed and put into operation, with an estimated annual output value of $240 million.

In addition, 18 SCO national business associations have been established to foster business and cultural exchanges between the countries and cities of the SCO.

To make full use of Qingdao's marine science and technology advantages, the zone has signed an agreement on the Sino-Shandong Marine Innovation Industrial Park project, with a total investment of 2 billion yuan.

The 2021 SCO Expo was held in the demonstration zone on April 26 to 28, attracting three international organizations, including the SCO Secretariat, as well as 76 diplomatic envoys from 30 countries and representatives of nearly 2,000 companies from 34 countries.


Foreign visitors peruse products at the 2021 SCO Expo. [Photo/IC]

The zone remains committed to serve as a platform for China to continue to promote trade liberalization and facilitation, as well as the joint construction of the Belt and Road.

Established in 2001, the SCO is a permanent intergovernmental international organization with nine full members. It is adheres to the principles of openness and mutually beneficial cooperation.