Coastal Qingdao ready for flood of businesses
delivered on March 5, which called for further openingup, Qingdao’s effort to attract investment is seen as a key task to boost development, the mayor said.
To date, 134 overseas Fortune Global 500 companies have opened offices in Qingdao, along with about 2,100 other foreignfunded companies and organizations.
“With deepened cooperation with the Fortune Global 500 companies, China’s domestic top 500 companies and other industry leading companies and organizations, we will introduce largescale, high-tech projects that connect many businesses, upgrade traditional industries and drive growth in emerging sectors,” Meng said.
He said the government will facilitate international trade by improving the natural environment, regulations and government services.
Efforts have already been made to streamline administrative approval procedures, he said, adding that about 1,900 items can now be approved through an online system, so applicants no longer need to visit government offices for those services.
“We will borrow the experience of China’s pilot free trade zones to simplify procedures for overseas companies to set up offices in Qingdao and facilitate trade and investment,” Meng said. “We will establish a modern property system, protect intellectual property rights, and improve market supervision and enforcement according to international practices.”
He said Qingdao will build more international schools and hospitals to provide high-quality services for investors and employees from around the world.
Recognized as an important coastal hub, a seaside tourism destination and an international port city in 2016 by the State Council, Qingdao is now building an innovation center and a pilot zone for the marine economy.
Last year, the city’s GDP reached 1.1 trillion yuan ($173.8 billion), according to the mayor. Its ports handled 510 million metric tons of cargo, its airport handled 23.2 million passengers, and total import and export volume exceeded 503 billion yuan, he said.