E.China Shandong FTZ steps up efforts to facilitate trade and investment

Updated: April 18, 2022 Source: Belt and Road Portal
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Container trucks deliver containers at Rizhao Port in Rizhao, east China's Shandong Province, Jan. 26, 2022. (Xinhua/Guo Xulei)

The China (Shandong) Pilot Free Trade Zone (FTZ) in eastern China recently released 16 detailed measures to promote trade and investment facilitation, aiming to continue to attract investment to the FTZ, Dazhong Daily, a local newspaper, reported Friday.

Shandong Province proposes to continue to simplify the import customs clearance process for cross-border trade, pharmaceutical and food products, and promote innovation in the supervision system, business model, and supporting services for import trade. At the same time, efforts will also be given to the FTZ to build an intelligent data platform to promote the development of offshore trade.

Specifically, the Shandong provincial authorities will continue to explore the pilot of cross-border e-commerce retail medicines imported from Japan and the Republic of Korea (ROK) in the Jinan and Qingdao area of the FTZ, and will open a port for drug imports in Yantai area.

Priority will also be given to provide more convenience for attracting foreign investment in the FTZ. For example, the FTZ will open the statutory inspection of international ship registration to attract more domestic and foreign shipping companies and ship inspection agencies to settle in the FTZ.

In addition, the efforts will also be made to continuously optimize the international logistics including multimodal transport in the FTZ, and to improve the convenience of the financial sector to serve the real economy in the free trade zone.

Editor: Li Shimeng