The ceremony recognizing the top 10 cases of institutional innovation in China's free trade zones takes place at the Sun Yat-sen University FTZ High-end Forum. [Photo/WeChat ID： qingdaozimao]

The innovative "blue asset" classification standards case of the Qingdao Area of the China (Shandong) Pilot Free Trade Zone (Qingdao FTZ) was selected as one of the top 10 cases of institutional innovation in China's free trade zones at the Sun Yat-sen University FTZ High-end Forum held in Guangzhou on Nov 18.

The expert team responsible for selecting the top 10 cases evaluated the submissions based on factors including innovation, suitability, completeness, and regional characteristics. They also considered the five areas of institutional innovation, including trade facilitation, investment liberalization, financial reform and innovation, transformation of government functions, and legal environment. The case from the Qingdao FTZ stood out as an example of excellence in the field of financial reform and innovation.

The Qingdao FTZ has been actively exploring and guiding financial capital to support marine ecological protection and sustainable development. They have developed blue asset classification standards and compiled the world's first blue bond framework. By introducing international institutional cooperation and matching international rules, the Qingdao FTZ has created a foundation for the interconnection of blue international financial products.

These initiatives have helped expand the financing channels for enterprises in the blue economy and facilitated the optimal allocation of credit resources, thus injecting new momentum into the high-quality and sustainable development of the marine economy.

Since its establishment four years ago, Qingdao FTZ has made significant progress and had 285 innovative achievements. Among these, 12 have been promoted nationwide, and 52 have been replicated and promoted within the province.