Free trade zone breathes new life into commerce

After four years of development, the Qingdao Area of the China (Shandong) Pilot Free Trade Zone — or Qingdao FTZ — has made significant strides in improving its business environment and provision of services.

According to officials, the zone has maintained its commitment to advanced international standards, accelerating high-level opening-up and improving administrative services by focusing on innovation and providing policy and guidance services by implementing programs through digital, fiscal and taxation empowerment.

A report on China's high-quality development released in July noted the Qingdao FTZ was recognized as the nation's leader in high-quality development of the business environment. In recent years, the zone has optimized its legal services in response to business needs in such industries as modern maritime, international trade, shipping and logistics, modern finance and advanced manufacturing.

An example of Qingdao FTZ's high-level opening-up is the legal reception hall, which is dedicated to establishing an ecosystem among governments, institutions and businesses. It has so far attracted 30 relevant service institutions, providing special legal services involved in international commercial affairs and cross-border trade as well as common legal services regarding investment and financing, rights protection and dispute resolution.

Committed to enhancing the core competitiveness of the modern financial industry, the Qingdao FTZ also promotes integration between finance and industry. Its international trade and financial service center has attracted 42 service agencies including banks, insurance and accounting firms, law firms and arbitration institutions that provide investment and financing services.

The zone has also organized financial service teams, offering free tailor-made guidance to businesses. To date, the teams have served more than 3,000 enterprises and helped more than 60 companies secure financing of nearly 247 million yuan ($33.83 million). Its online financial service system has attracted 24 financial institutions, collecting and uploading 165 high-quality financial products.

As a testing ground for reform and innovation, the Qingdao FTZ has established an ecosystem consisting of finance innovation labs, expert think tanks and financial service platforms. Based on two collaborative innovation labs, the zone has piloted 23 financial items and implemented more than 20 innovations while continuing to deepen reform of the commercial system in tandem with internationally recognized rules for investment and trade.

For example, the zone has taken the lead in exploring business entity registration reform, resulting in a 70 percent reduction in examination processes and cutting startup costs by more than 2,000 yuan each entity for small and micro enterprises. In addition, it has initiated China's first "smart form" reform for enterprise registration, providing full coverage for all business types with more than 4,000 scenarios, including establishment, alteration, filing and cancellation. The reform increased the speed of transactions by an average of 75 percent.

Clients receive online services at the Qingdao Area of the China (Shandong) Pilot Free Trade Zone. ZHANG JINGANG/FOR CHINA DAILY