​Qingdao FTZ plays big role in Shandong's offshore trade
2 years ago

​Qingdao FTZ plays big role in Shandong's offshore trade

China Daily  

An employee manages cargo bound for South Africa at Qingdao Port, Shandong province. The China Pilot Free Trade Zone Qingdao Area, or Qingdao FTZ, in Qingdao city, Shandong province, where the Qingdao Port - the second-largest foreign trade port in China - is located, is playing an important role in Shandong's offshore trade with its new offshore trade working mechanism. From January to October, Qingdao FTZ achieved an offshore trade revenue and expenditure of $7.2 billion, accounting for 90 percent of the city's total, and the figure is expected to exceed $9 billion for the whole year, which accounts for more than 80 percent of the province's total, a year-on-year increase of more than 10 percent, according to the Qingdao Municipal Bureau of Commerce. With a focus on institutional innovation, Qingdao FTZ has created a new offshore trade working mechanism and ecosystem that integrates government policy guidance, foreign exchange management, in-depth bank services, platforms and enterprises' innovations. The area launched Shandong's first policy for supporting the development of new offshore international trade, and has created an integrated service platform for offshore trade.

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