Qingdao-based enterprises talk with buyers in the 2022 Qingdao International Fair for SMEs Procurement and Cooperation held in late November.By Zhou Xiaofeng

Since the beginning of this year, Qingdao has been ramping up efforts to stabilize foreign trade and foreign investments. The city’s total imports and exports through cross-border e-commerce from this January to October exceeded RMB45bln, increasing by about 70% over the same period last year. The city’s imports and exports in the first ten months totaled RMB738.78bln, up 6.7% year on year. The imports and exports of trade in services in the first three quarters hit RMB109.88bln, up 33.6% year on year. The structure of foreign investments in Qingdao has improved. Investments from both Japan and South Korea have notably reached the USD1bln mark, increasing by seven times year on year and setting a record high.

The imports and exports between Qingdao and the 17 SCO member states in the first three quarters amounted to RMB51.64bln, growing 23.7% year on year. Qingdao has faster pursued institutional innovation in the free trade area, rolled out a slate of 22 new measures to boost trade and investment facilitation and scored 76 achievements in institutional innovation. Qingdao is advancing the negotiation of 61 key trade and bilateral investment projects with the RCEP signatories.

Since the beginning of this year, many key international events have taken place in Qingdao, including the third Qingdao Multinationals Summit, the 2022 High-level Forum for RCEP Economic and Trade Cooperation and the China-SCO Forum for Local Court Judges. As a result, Qingdao’s international influence and reputation have further improved.  (Xue Huafei)