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Qingdao FTZ implements 32 innovations

Updated: Jan 7, 2025 chinadaily.com.cn Print
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The Qingdao Municipal Government Information Office held a press conference to highlight the high-quality institutional innovations of the Qingdao Free Trade Zone (FTZ) in 2024. The FTZ successfully implemented 32 innovations, including two national "Best Practice Cases", four promoted by national ministries, and 26 recognized by provincial departments, achieving all its annual goals.

Sui Bin, a member of the FTZ Working Committee, highlighted three main features of the 2024 achievements: full national coverage of replication and promotion categories, innovations spanning multiple areas such as port facilitation, green development, and financial innovation, and a practical focus on solving real problems to improve trade and capital flows.

Key innovations include reforms in customs clearance services, such as the self-developed tank container clearance model, which saves businesses 40 million yuan ($5.46 million) annually. Cross-border e-commerce import tax payments have been streamlined, cutting the time from hours to less than one minute, and the import tax rebate process has been reduced from 33.9 days to seven days. The zone has also introduced a new offshore trade service model, which now accounts for over 80 percent of the province's offshore trade.

Additionally, the Qingdao FTZ pioneered a smart enterprise registration system, reducing review times by 75 percent, and developed an electronic warehouse receipt financing model, resulting in over 8.9 billion yuan in successful financing.

By Oct 2024, the zone had seen a 16 percent year-on-year increase in foreign trade exports, a 10.7 percent rise in public budget revenue, and the creation of 31,000 new jobs, underscoring its pivotal role in promoting foreign openness.

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