The new Shandong free trade zone -- widely seen as providing an engine for growth and innovation that will add to the nation's economic advancement -- was inaugurated on Friday.

Liu Jiayi, Party chief of Shandong province and Gong Zheng, governor of Shandong province, jointly unveiled the nameplate for the China (Shandong) Pilot Free Trade Zone on Aug 30 in Jinan, capital city of East China's Shandong province.

The Shandong FTZ is one of the six newly established free trade zones in the country in the year.

According to the Ministry of Commerce, the six FTZs -- Shandong, Jiangsu, Guangxi Zhuang autonomous region, Hebei, Yunnan and Heilongjiang -- will further boost the nation's trade, facilitate high-level opening-up and boost high-quality development through deeper reforms.

Covering a total area of 119.98 square kilometers, the Shandong FTZ comprises three areas in Qingdao, Yantai and Jinan. The Jinan section covers an area of 37.99 sq km, the Yantai part covers 29.99 sq km while the Qingdao area is the biggest, covering 52 sq km.

The nameplates for the three areas were also unveiled, as well as the leading group office of the Shandong FTZ.

Liu said in his keynote speech at the unveiling ceremony that the establishment of the Shandong FTZ was a major opportunity for Shandong's development and the province would proceed to carry out reform tasks in line with its strategic positioning and characteristics according to the overall plan released by the State Council on Aug 26.

Liu added that the Shandong FTZ will focus on institutional innovation and launch a raft of policies and practices that can be repeated in other provinces and regions.

The free trade zone will strive to enhance innovation in economic and social developments, update the growth model and build the province into a maritime powerhouse.

Major projects which will settle in the Shandong FTZ's three areas, were also signed at the event.

Liu Jiayi (left), Party chief of Shandong province and Gong Zheng, governor of Shandong, jointly unveil the nameplate for the China (Shandong) Pilot Free Trade Zone on Aug 30 in Jinan, Shandong province. [Photo/iqilu.com]

The nameplates for Shandong FTZ's three areas and the zone's leading group office are also unveiled. [Photo provided to chinadaily.com.cn]

Major projects for Shandong FTZ's three areas are signed at the event. [Photo provided to chinadaily.com.cn]