Qingdao FTZ actively fosters novel trade formats including modern barter trade to accelerate the cultivation of new growth drivers in foreign trade. [Photo/WeChat account: qingdaozimao]
The Qingdao Area of the China (Shandong) Pilot Free Trade Zone, or Qingdao FTZ, marked a significant milestone on July 1 as Shandong Port International Trade Group successfully filed its Q2 offshore trade declaration, benefiting from a full stamp tax exemption under the zone's newly implemented preferential policy.
The company, a major global crude oil trader, reported 11.68 billion yuan ($1.63 billion) in offshore transactions for the quarter, qualifying for 3.5 million in tax relief.
"This exemption directly boosts our net profit, enabling further expansion of offshore trade," noted Zhao Xia, deputy finance director of the company.
As northern China's only pilot zone for this policy, Qingdao FTZ has seen offshore trade volumes rise by over 50 percent year-on-year since implementation. The zone has established a "policy express" service mechanism to ensure enterprises receive tailored guidance, according to Cao Lin of the local tax authority.
Complementary measures include innovation rewards up to 1 million yuan for new offshore trade models, with 10 percent bonus incentives for RMB-denominated settlements. The policy framework also promotes green and digital trade, offering 20 percent subsidies for shipping logistics tech R&D (capped at 2 million yuan) and 3 million yuan maximum rewards for marine green fuel suppliers.
Green trade and digital trade represent pivotal global development trends, while new-type offshore trade has emerged as an innovative business model in international commerce. Qingdao FTZ is actively fostering novel trade formats including modern barter trade, cross-border offshore trade, and cross-border e-commerce to accelerate the cultivation of new growth drivers in foreign trade.
China (Shandong) Pilot Free Trade Zone Qingdao Area
