Congress seeks trade development

Delegates to the 13th congress of the Qingdao committee of the Communist Party of China, held on April 8, shared opinions about how to accelerate a new pattern of opening-up and how to boost innovation through higher-quality opening-up.

Qingdao-based China-SCO Local Economic and Trade Cooperation Demonstration Area, or SCODA, and the Qingdao Area of the China (Shandong) Pilot Free Trade Zone are two major platforms for the port city in East China's Shandong province to enhance its opening-up to the outside world.

The 13th congress of the CPC Qingdao committee has laid out a series of tasks for the two platforms for the next five years.

SCODA, which is China's first demonstration area for economic and trade cooperation with member states of the Shanghai Cooperation Organisation, will promote the economic and trade cooperation with SCO members. Utilizing all of Qingdao's resources, it will strive to make the core zone of SCODA a bridge connecting the resources of Qingdao with those of SCO members, said Li Gang, deputy secretary of the Party working committee of SCODA and executive deputy director of the management committee of SCODA, Qingdao Daily reported on April 9.

Li said that in the next five years, SCODA is set to introduce 30 institutional innovations and speed up the construction of key projects including the Ruyi Lake commercial complex.

In addition, SCODA will expand training programs offered at the China-SCO Institute of Economy and Trade in collaboration with Qingdao University and Shandong University, Qingdao. It will also seek breakthroughs in building a new platform for promoting international cooperation under the framework of the Belt and Road Initiative.

Zhao Shiyu, director of the management committee of the Qingdao Area of the China (Shandong) Pilot Free Trade Zone, told Qingdao Daily that the Qingdao Area would become a trailblazer, completing the goals and tasks set at the 13th congress with tangible results.

The measures the Qingdao Area is to take include launching 30 institutional innovations with high value every year and continue liberalizing and streamlining trade, investment and financial processes.

Another focus of the Qingdao Area, according to Zhao, will be to promote the integrated development of shipping, trade and finance, and connect the domestic and international markets by leveraging its geographical and industrial advantages.

"The Qingdao International Cruise Port is the core area of an experimental base for innovative economic and trade cooperation under the Regional Comprehensive Economic Partnership in Qingdao," Chi Yongjie, Party secretary, chairman and general manager of Qingdao Huanhai Bay Investment Development Group, was quoted as saying by Qingdao Daily. The group is a major shareholder of the company constructing the cruise port.

The Qingdao International Cruise Port, SCODA and the Qingdao Area of the China (Shandong) Pilot Free Trade Zone are making a collective effort to build a new platform for international cooperation along the coast of the Jiaozhou Bay, which is expected to enhance connectivity of its sea, land, air and rail, Chi said.

The 13th congress of the CPC Qingdao committee proposed that Qingdao, also a national experimental zone for comprehensive financial reforms themed around wealth management, further reform its financial system, better assist cross-border investment and financing activities, and promote innovations related to digital renminbi so as to provide better financial support for the real economy.

Huang Yingsheng, deputy secretary of the Party working committee and executive deputy director of the management committee of the Jinjialing Financial City in Qingdao, said efforts will be made to enhance both the quantity and quality of overseas financial institutions in the area and to attract internationally renowned financial intermediary service providers, international economic and trade organizations, international trade and investment service providers and international arbitral institutions to set up operations in the financial city.