Shandong FTZ unveiled in Qingdao

The Qingdao Area of China (Shandong) Pilot Free Trade Zone (FTZ) was officially unveiled in the coastal city of Qingdao, Shandong province on Saturday.

As the largest part of the newly launched Shandong FTZ, the Qingdao area covers 52 square kilometers and focuses on five fields, including international trade, marine sectors, shipping logistics, modern finance and advanced manufacturing sectors.

The Qingdao area is located in the Qingdao West Coast New Area. It comprises four functional zones: the Qingdao Qianwan Free Trade Port Zone, the West Coast Area Integrated Free Trade Zone, the Qingdao Economic and Technological Development Zone and the Sino-German Ecopark.

Among 112 pilot tasks for the Shandong FTZ, 106 will be implemented in the Qingdao area, accounting for nearly 95 percent of the total, officials said.

The Qingdao Area is expected to attract at least 30,000 enterprises and its import and export volume is forecast to hit $30 billion by the end of 2022.

The Shandong FTZ was officially unveiled on Friday, following China’s announcement on Monday to establish six new FTZs across the country.