Qingdao FTZ fosters innovation and development

A US cargo ship docks at the Qingdao Port, Shandong province. [Photo by Yu Shaoyue/For China Daily]

The Qingdao Area of the China (Shandong) Pilot Free Trade Zone (Qingdao FTZ) has emerged as a hub of institutional innovation and nurtured competitive industrial clusters after implementing several groundbreaking reform measures.

The number of the zone's innovative practices in institutional reform this year is expected to reach 127, including five that will be promoted by the State Council and national ministries.

Qingdao FTZ's foreign trade is expected to increase by 9.9 percent year-on-year, while fixed asset investment is expected to increase by 20.4 percent year-on-year. Moreover, it has attracted 12 new investment projects from Fortune Global 500 companies that have significantly contributed to Qingdao's high-quality development.