First of six new FTZs opens in Shandong

Shandong Pilot Free Trade Zone was officially unveiled on Friday, following China's announcement on Monday to establish six new FTZs.

Covering a total area of 119.98 square kilometers, the Shandong FTZ consists of three parts in Jinan, Qingdao and Yantai.

With three to five years' reform trials, the Shandong FTZ is set to develop into a high-level and high-quality zone with features including convenient access to trade and investment, sound financial services and driving development in surrounding areas, Ren Airong, vice-governor of Shandong, said at a press conference held in Jinan on Friday.

Jinan will focus on the development of artificial intelligence, industrial finance, medical and health care, the cultural industry and information technology to develop into an important national and regional economic center, logistics center and scientific and technological innovation center, said Sun Shutao, mayor of Jinan.

The coastal city of Qingdao will focus on modernising the marine industry, international trade, shipping logistics and modern finance. As a coastal city, Qingdao will look to advance manufacturing to transform into an international shipping hub in northeast Asia, an important innovation center in the eastern coastal areas and act as a demonstration zone for the development of the marine economy, said Meng Fanli, mayor of Qingdao.

Yantai will also utilise its geographical coastal advantage to deepen cooperation with Japan and the Republic of Korea, focusing on high-end equipment manufacturing, new materials, new generations of information technology, energy conservation, environmental protection, bio medicine and producer services.