Shandong furthers opening up

(| Updated : 2020-11-16

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East China's Shandong province has proved itself to be a top destination for foreign investment with its ever-improving business environment, deepening reform and opening-up efforts.

The import and export value of Shandong reached 2.04 trillion yuan ($288 billion) in 2019, exceeding 2 trillion yuan for the first time and ranking sixth in China, according to official data.


Unmanned trucks load containers at Qingdao Port, Shandong province, in September. [Photo by ZHANG JINGANG/FOR CHINA DAILY]

In the first three quarters of this year, 2,003 new foreign-funded enterprises were established in Shandong, up 17.5 percent year-on-year. Actual utilized foreign capital reached $10.78 billion, up 27.9 percent, while the province's imports and exports grew 4.2 percent, 3.5 percentage points higher than the national average.

In the past two years, Shandong has introduced 45 policies and measures to strengthen reform and opening up and build an open economic system, local authorities said.

The province has fully implemented the "pre-establishment national treatment plus negative list" management system for foreign investment, streamlined customs clearance procedures and reduced costs, and launched new business models to facilitate trade and investment.

Shandong is advancing its opening up to the world with huge development potential brought about by national strategies like the China-SCO demonstration zone and the China (Shandong) Pilot Free Trade Zone.

The province has also hosted a series of high-level business promotional activities to facilitate investment and boost cooperation.

The Qilu Europe-Asia freight trains, which have made great contributions to the province's foreign trade, currently run on 38 different routes to 44 cities in 16 countries.

In 2019, the trains made 1,054 trips, a year-on-year increase of 185 percent and double the annual target set by the Shandong provincial government.