Weihai's efforts to develop a more innovative trade in services sector have won acclaim from the State Council and have been listed among the best practices for comprehensively deepening innovative development for the trade in services sector nationwide.

Weihai has a booming shipbuilding industry. [Photo/WeChat account: weihaifabu]

The city has further expanded new business forms and new modes of service trade, constantly improved public services and supporting policies, supported the transformation and development of traditional ship maintenance enterprises, as well as extended the international ship maintenance service chain.

It has launched measures to guide traditional shipbuilding repair enterprises to obtain global management system certifications, as well as accelerate the improvement of the repair and maintenance capacity of large-tonnage ships, fishing vessels, scientific research vessels, and other specialized vessels.

It has also cultivated a team of technical personnel for ship design and research to participate in the discussion and formulation of international technical standards, as well as enhance the influence of foreign ship maintenance service.

Shipbuilding maintenance enterprises in Weihai are encouraged to seize the opportunities brought about by the implementation of the Belt and Road Initiative, as well as make use of foreign customer resources through multiple channels by participating in internationally renowned maritime exhibitions. Their efforts have proved to be successful, with Weihai enterprises obtaining orders from more than 20 countries and regions like Russia, Egypt, Italy, Greece, and Sri Lanka.

In 2020, the trade volume of ship maintenance services in Weihai reached $123 million, with a year-on-year growth of 76.7 percent. The city's cross-border financial blockchain service platform handled 1,437 financing transactions for foreign-related enterprises, with an amount of $260 million, ranking first in the province.