Qingdao FTZ's best practices drive growth in Yellow River Basin

The Yellow River Basin Pilot Free Trade Zone Alliance connects pilot free trade zones along the Yellow River. [Photo/IC]

The Yellow River Basin Pilot Free Trade Zone Alliance recently announced 25 "best practice cases" that cover regional collaboration, green and low-carbon development, high-quality development, and specific regional references, with five from the Qingdao Area of the China (Shandong) Pilot Free Trade Zone (Qingdao FTZ).

In terms of regional collaboration, Qingdao FTZ has established the "9+2" cross-border e-commerce industry cooperation and exchange mechanism. Initiatives like the Yellow River Basin Cross-border E-commerce Expo and a dedicated cooperation platform have attracted over 400 enterprises from 43 industrial belts along the Yellow River Basin, resulting in the exhibition of more than 12,200 products from 38 countries and regions.

In the green and low-carbon category, Qingdao FTZ has undertaken climate investment and financing pilots to promote environmentally friendly practices. It has also piloted carbon emission environmental impact assessments for construction projects on key industries.

Qingdao FTZ has contributed to regional high-quality development by empowering the digital transformation of industries in the Yellow River Basin through the industrial internet, helping 387 enterprises across seven provinces and regions in the Yellow River Basin enhance quality, reduce costs, and improve efficiency.

Together with the FTZs in Jinan and Yantai, Qingdao FTZ has introduced a new model of "mutual recognition of permits" for foreigners coming to China, which has been promoted across FTZs in the Yellow River Basin. This streamlined approval process allows foreign talents in different places to transfer and work locally, reducing application materials by 60 percent and shortening the approval process by 70 percent.

Qingdao FTZ plans to leverage its institutional innovation advantages and deepen cooperation within the Yellow River Basin Pilot Free Trade Zone Alliance. The focus will be on areas such as government services, connectivity, and industrial development, aiming to contribute further to the ecological protection and high-quality development of the Yellow River Basin.