Qingdao FTZ. [Photo/WeChat account: qingdaozimao]

The Qingdao pilot free trade zone (FTZ) has been making continuous efforts to promote the development of the marine economy.

In collaboration with Shandong Port Group, Qingdao FTZ is building the Shandong Port Ship Transaction Center to integrate high-end shipping industrial elements. Relying on the advantages of both sides, the center will build a service industrial chain system with ship trading and leasing as the core.

Building the center is an effective way for the Qingdao FTZ to target and promote the integrated development of shipping, trade and finance. In addition to transactions, the center will also continue to improve ship financing, brokerage, insurance, assessment and other modern shipping services to help Qingdao accelerate the construction of the world's first-class marine ports and the Northeast Asia International Shipping Hub Center.

Since the beginning of this year, Qingdao FTZ has comprehensively continued to improve the quality and efficiency of system innovation, the capacity of leading industries, and the level of business environment. In the first half of the year, the FTZ made 45 innovative achievements, and its foreign trade grew 14.7 percent year-on-year. Over the six-month period, the FTZ attracted six new investment projects of Global Fortune 500 companies, with its fixed investment increasing by 36.9 percent year-on-year.

"To date, we have achieved more than 280 institutional innovations, of which 179 are in the field of marine reform and innovation initiatives. Through these innovations, we have also promoted the construction of a modern system for the marine industry," said Sui Bin, deputy director of Qingdao Free Trade Zone Management Committee.