The Qingdao FTZ and Sino-German Ecological Park introduced 30 initiatives to optimize the business environment and established an Entrepreneur Supervision Committee with 85 entrepreneurs as supervisors on Nov 26, aiming to enhance Qingdao's international business environment.

At the conference, 18 specific actions across four areas were announced, focusing on enterprise approval, market services, technological innovation, and lowering business costs. The zone will deepen three pilot projects: engineering approval, market registration, and digitalized shipping, as well as launch four new systems: investment attraction, service-oriented law enforcement, enterprise globalization, and tax services.

Photo of the conference. [Photo provided to chinadaily.com.cn]

The zone introduced 12 measures on mitigating risks and targeted law enforcement in order to improve flexibility and effectiveness. It has launched three national pilot projects and developed 13 institutional innovations, two of which were recognized as best practices in national free trade zones.

The Qingdao FTZ established an Entrepreneur Supervision Committee with 85 entrepreneurs to enhance the business environment. Chen Dong, chairman of Qingdao Haizhichen Industrial Equipment Co shared that the zone's services helped the company grow from 18 to 80 employees, increase revenue to 220 million yuan ($30.27 million), and raise its valuation by 525 percent.

Photo of the conference. [Photo provided to chinadaily.com.cn]

The Qingdao FTZ is home to around 45,000 market entities, and by attracting both domestic and foreign investments, has benefitted businesses, taxpaying entities, and employment. The zone will continue to reform administrative approvals, government efficiency, service-oriented law enforcement, and the market environment to further stimulate enterprise growth and create a more open business climate.