An aerial view of the container terminal at Qingdao Port, a key gateway supporting trade and shipping in the Qingdao FTZ. [Photo/VCG]

The Qingdao Area of the China (Shandong) Pilot Free Trade Zone has produced 114 institutional innovations that have been recognized or promoted at the national or provincial level since its establishment seven years ago, local officials said at a news conference on Aug 25.

Launched in August 2019, the Qingdao FTZ has completed all 106 pilot tasks assigned by the central government. Among its reform achievements, 29 have been promoted nationwide, eight across the Yellow River basin and 101 across Shandong province. About half were either first-of-their-kind practices in China or among the earliest of their kind.

Institutional reform has also supported the growth of a modern industrial system integrating shipping, trade and finance with advanced manufacturing. The zone's marine economy has expanded at an average annual rate of 13.5 percent and now accounts for 35 percent of its added value.

The zone currently accounts for 21 percent of Qingdao's total foreign trade, up 6.4 percentage points from when it was first established. Cumulative investment in smart home appliances, integrated circuits, life and health sciences, and new-energy equipment manufacturing has exceeded 300 billion yuan.

Over the past seven years, the zone has attracted 110 investment projects involving Fortune Global 500 companies and registered more than 46,000 new businesses, 2.5 times the number recorded before its establishment. Its trade network now spans 222 countries and regions.

Looking ahead, the Qingdao FTZ plans to further align with high-standard international economic and trade rules, deepen institutional reform and strengthen key industrial clusters to support higher-level opening-up.