The China (Shandong) Pilot Free Trade Zone, or Shandong FTZ, is pioneering a new open-ecological system with trade facilitation, revolutionizing global trade rules and setting a replicable model for other zones.
In June, a cold-chain firm in the Qingdao Area of the China (Shandong) Pilot Free Trade Zone, known as the Qingdao FTZ, has completed the first "direct-accounting" cross-border remittance through Bank of China's corporate portal, wiring funds abroad in seconds without manual review, the lender said.
The Qingdao FTZ has also issued a document outlining implementation opinions on streamlining the import clearance process for products of food and medicine with the same origin. This reform aims to facilitate the import clearance process.
Additionally, the zone has created the "China-Japan multimodal transport and dual-warehouse-linkage" model. This innovative approach has reduced cargo-adjustment cycles from 2–3 weeks to 5–7 days and cut inventory costs by 20 to 30 percent.
With capital flow measured in seconds, logistics speed-ups in hours and clearance changes on a daily cycle, the Shandong FTZ is using trade facilitation to build a new open-ecological system. It continues to provide reform dividends in building a new development pattern and provides a replicable "Shandong experience" for other zones.
China (Shandong) Pilot Free Trade Zone Qingdao Area
