A ceremony marking the establishment of the laboratory takes places in Qingdao FTZ on Nov 10. [Photo/WeChat ID: qingdaozimao]

The Qingdao Area of the China (Shandong) Pilot Free Trade Zone (Qingdao FTZ) launched an innovation laboratory focused on leveraging data to drive innovation in the shipping, trade, and finance sectors on Nov 10.

The laboratory will focus on developing advanced data governance technologies to enable innovative scenarios for the shipping, trade, and finance sectors. It will also explore experimental approaches in facilitating the integrated development of the sectors, as well as the establishment of a credit-based financial evaluation system.

The laboratory will aim to establish a channel to reduce costs and increase efficiency for small and medium-sized enterprises in the area, thus promoting technological transformation and digitalization.

The Qingdao FTZ will take advantage of its unique characteristics to build a digital ecosystem that supports the needs of businesses in the region. Through its innovative services and data-driven approach, the laboratory will play a vital role in driving the development of the shipping, trade, and finance sectors, enhancing the competitiveness of the Qingdao FTZ.

The inauguration of the innovation laboratory marks an important milestone in the Qingdao FTZ's efforts to promote innovation and technological advancements. By leveraging cutting-edge technologies and data analysis, the laboratory aims to provide valuable insights and develop innovative solutions that will shape the future of the shipping, trade, and finance industries.