China (Qingdao) SCO + Trade and Investment Liberalization and Facilitation Summit Held in Jiaozhou, China

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Focused on establishment of local pilot zones to stimulate trade cooperation

JIAOZHOU, China, Oct. 30, 2018 /PRNewswire/ -- China (Qingdao) SCO + Trade and Investment Liberalization and Facilitation Summit was held in Jiaozhou, a city adjacent to Qingdao, in Shandong Province, China, on the morning of October 28. More than 300 attendees, including influential trade and investment leaders, representatives from Shanghai Cooperation Organisation (SCO) member countries and Middle Eastern countries targeted by the One Belt, One Road initiative, as well as executives from entrepreneurial firms in Beijing, Shanghai, Jiangsu and Zhejiang, assembled in Jiaozhou to discuss issues concerning the establishment and operation of local pilot zones meant to stimulate trade cooperation among SCO members as well as between SCO members and other countries.

Shi Jun, member of the Standing Committee of the Twelfth CPPCC National Committee and deputy director of CPPCC - Subcommittee of Economy, elaborated on Qingdao's unique advantages in terms of basic services, infrastructure and incentive in relation to integrated development. Yang Xiong, Deputy Director of UNIDO Shanghai Global Science and Technology Innovation Center, said that the establishment of China-SCO pilot zones with the intent to foster trade cooperation, in partnership with seven SCO member countries, can be expected to inject new energy into the history-rich city of Jiaozhou. Ye Tan, a financial commentator who writes for leading publications, gave a detailed presentation on the opportunities the pilot zones could bring to Jiaozhou in terms of improved traffic conditions and the urbanization rate, as well as to the surrounding Bohai Economic Rim, saying the pilot zones will become vital to the city's ongoing development.

The organizer invited attendees to tour several local facilities including Qingdao Transfar Smart Road-Port, Jingdong E-commerce Industrial Park, South Korean maker Nongshim's cutting-edge processing plant and Innova's railway transportation hub, all of which left a deep impression on the attendees.

Looking forward, the pilot zones will, in tandem with related national policies, create a fair and friendly international business environment and, with the backing of its larger neighbor, the city of Qingdao, as well as the SCO, build an "one-stop-shop", open platform targeting the Asia Pacific region, the Eurasian landmass, Africa and Latin America, in addition to facilitating the continued implementation of the One Belt, One Road initiative.