Since the beginning of this year, Shandong has launched 32 measures to stabilize foreign investment in the province by promoting work resumption of foreign-funded firms and projects as well as opening up more to foreign investors.

From January to May this year, actual utilized foreign capital in Shandong reached $4.88 billion, a year-on-year increase of 1 percent, official statistics showed.

Shandong authorities have established special teams to facilitate the work resumption of foreign firms. The province has ramped up efforts to address difficulties in work resumption to help firms return to full capacity at the earliest possible time and advance major foreign-invested projects.

In addition, Shandong reduced gas and electricity prices and reduced or delayed tax payments to ease financial pressures facing companies.

The Qingdao Area of China (Shandong) Pilot Free Trade Zone [Photo/dailyqd.com]

On June 29, a South Korean funded travel agency was granted a business license by the Qingdao Area of China (Shandong) Pilot Free Trade Zone. It was the first wholly foreign-owned travel agency in Shandong FTZ.

The local departments of culture and tourism, commerce and administrative examination and approval conducted the approval process online within just one hour.

"In Shandong, foreign-funded travel agencies are not allowed to conduct outbound tourism, but thanks to the preferential policies enacted by Shandong FTZ, the travel agency can now engage in outbound tourism outside Taiwan. It is expected to serve more than 2 million visitors per year," said Ren Xianyu, director of the culture and tourism bureau of Qingdao West Coast New Area.

The province has also optimized customs procedures, such as allowing companies to choose a customs clearance mode, to improve the efficiency of foreign trade and investment.