The China (Shandong) Free Trade Pilot Zone. [Photo/IC]

The China (Shandong) Free Trade Pilot Zone and Hainan Free Trade Port signed a strategic cooperation agreement on Oct 30.

During the signing ceremony, the two parties signed deals for 10 cooperation projects. The strategic cooperation agreement states that mutual cooperation will be strengthened in areas such as healthcare, marine industry, international trade, and think tank platforms. The main aim is to build a bridge for enterprises to access international markets.

"Establishing a close, complementary, efficient, and mutually beneficial innovative mechanism is of great significance to amplifying the spillover effects of the Hainan Free Trade Port, better integrating and serving the new development pattern, and achieving high-quality development in Shandong," said Chen Fei, director of the Shandong Provincial Department of Commerce.

According to Shandong officials, economic functional zones of Shandong and Hainan provinces have been exploring cooperation in line with their common industrial demands and development positioning since 2021.

In August 2021, the Yantai Area of Shandong FTZ and the Yazhou Bay Science and Technology City in Sanya, Hainan, signed a strategic cooperation framework agreement which has yielded positive results.

During the Boao Forum for Asia in March this year, the two provinces expressed their intention to further deepen cooperation. Within just half a year, both parties reached a consensus on cooperation and formed a framework agreement for Shandong FTZ-Hainan Free Trade Port linkage and 37 cooperation tasks.

Moving forward, the two sides will establish mechanisms for cooperative pairing, industrial linkage, and institutional linkage so as to become better integrated with the global economy, said Shandong officials.