The Qingdao Area of the China (Shandong) Pilot Free Trade Zone has made significant progress in optimizing its business environment and deepening business system reforms, according to Shandong officials.

The Information Office of the Shandong Provincial People's Government held a news conference on Aug 31 to discuss the overall situation of the Shandong FTZ after one year of development.

The Qingdao area has been working to separate business licenses from administrative permits to streamline approval procedures and become more attractive to enterprises.

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

The Qingdao FTZ is the first to set up an online intelligent registration system for enterprises, and it has fully implemented a new management model for pre-establishment national treatment plus negative list, which meets international foreign investment management standards.

From January to July this year, 73 foreign-invested enterprises began operating in the Qingdao FTZ area, with their actual foreign capital reaching $264 million, up 79.6 percent from the same period last year.

The Qingdao FTZ has been taking full advantage of Qingdao Port, the largest port in China, for importing cotton, crude oil, and rubber in an effort to innovate in regulatory models and promote the development of major resource commodities.

In the first seven months of the year, cross-border e-commerce in the Qingdao FTZ generated 1.58 billion yuan ($231.47 million) in revenue, a four-fold increase over the same period last year. Meanwhile, its cold-chain container imports hit 110,000 TEUs, a year-on-year increase of 52 percent.

The Qingdao FTZ is also moving forward with financial innovation and recently launched the country's first Singapore dollar financing business under the China-Singapore currency swap.

The Qingdao-Japan International Business Club in the Qingdao Area of the Shandong FTZ [Photo provided to chinadaily.com.cn]

In addition, China-Europe International Exchange, the first dedicated trading venue for China and RMB-related investment products outside of mainland China, recently established its first capital market service base in the Qingdao FTZ.

By the end of July, it had introduced a total of 134 new financial projects.

Furthermore, the Qingdao FTZ has established business clubs, e-commerce platforms, and a special consumption zone to facilitate business and cooperation with Japan and South Korea.