Shandong boasts close business ties with Japan, South Korea

(| Updated : 2021-04-15

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A US cargo ship docks at the Qingdao Port, Shandong province. [Photo by Yu Shaoyue/For China Daily]

Shandong, Japan, and South Korea are close neighbors that have had frequent economic and trade exchanges since ancient times.

Official statistics show that there are 1,377 Japanese-invested enterprises in Shandong with a total investment of $11.29 billion, and 4,483 South Korean enterprises with a total investment of $22.15 billion.

The province has been ramping up efforts to further open up, foster a market-oriented, law-based and internationalized business environment, and facilitate the establishment of an open economy at a higher level in order to attract more global investors and promote international trade.

In recent years, Shandong has fully implemented a management system for pre-establishment national treatment and a negative list for foreign investment, greatly increasing market access. It has also intensified efforts to promote trade and better serve foreign-invested enterprises.

Following the standards of international economic and trade rules, Shandong has also been promoting cross-border trade and exploring regulatory model innovations such as simplified declaration and green channels. 

It has reached institutional arrangements in nine areas for regional economic and trade cooperation with Japan and South Korea. The province has carried out cooperation with Busan in the innovation of customs clearance procedures.

It has also developed cooperation mechanisms for information exchange and FTA assistance and mutual recognition of AEO with Japanese and South Korean cities to boost trade.

"With deepening reforms and increased opening up in the province, economic and trade exchanges between Shandong and Japan and South Korea will be more frequent, and cooperation prospects will be broader," said a local official.