FTZ aims to have industrial output exceed $145b by 2022

Shandong Pilot Free Trade Zone rolled out a series of innovative measures on Jan 16, aiming to raise its international profile and boost investment and trade.

Artificial intelligence, industrial finance, healthcare, culture, and information technology will be the five major industries in the zone, according to Liang Xubin, deputy head of the city's bureau of commerce, who said the aggregated output value of these industries is expected to exceed 1 trillion yuan ($145.2 billion) by 2022.

A designer's sketch of the science and technology park developed by Shandong University

To achieve this goal, the zone will focus on seven different areas.

First, the zone will speed up the transformation of government functions by pushing its governance driven more by the internet and digital efforts to help cut red tape and increase efficiency.

Second, the zone will deepen reforms on the foreign investment sector by implementing more preferential policies and encouraging multinational companies to set up their regional headquarters and operation centers in Jinan.

Third, the zone will transform and upgrade its trade practices, cut regulations, and improve trade structure.

Fourth, the zone will improve the financial sector by promoting the integrated development of equity funds and facilitating cross-border investment and financing.

Fifth, the zone will seek more innovation-driven development, further opening-up, build more science and technology centers, accelerate emerging and high-tech industries, promote medical and pharmaceutical industries, improve protection of intellectual property rights, establish human capital management, and increase university-industry cooperation.

Sixth, the zone will pave the way for cooperation between Chinese, Japanese and South Korean companies by planning an integrated cooperation park and reforming their cooperative mode.

Finally, the zone will play an active role in answering national calls and serving various national strategies.

Source: chinadaily