Rapid growth

In September 1987, Qingdao was approved for independent budgetary status for foreign trade and economic cooperation with its own import and export rights. Enterprises in the city have since grown to a total import and export volume of US$43.61 billion in 2007, an average annual increase of 25.3 percent over US$14.1 billion in 2002 and 154-fold over the US$280 million in 1988. Export volume hit US$26.78 billion in 2007, a yearly average increase of 25.8 percent over the US$8.5 billion in 2002.

Total import and export volume broke through the benchmarks of US$20 billion in 2004 and US$40 billion in 2007.

By 2007, Qingdao had established trade cooperation with 192 countries and regions.

As one of the shipping centers in north China, Qingdao port has trade routes to more than 450 ports in over 130 countries and regions across the world. The volume of cargo through the port ranked seventh globally in 2007, with container throughput ranked 10th.

Its Liuting International Airport now has 95 domestic and overseas routes.

Over the past 30 years, six national zones - Qingdao National Economic and Technological Development Area, Qingdao Qianwan Bonded Port Area, Qingdao National Hi-tech Industrial Development Area, Qingdao Export Processing Zone, Qingdao Westcoast Export Processing Zone and Qingdao Shilaoren Tourist Vacation Area - were established, making it one of the cities with the most favorable policies in China.

Charming environment

Qingdao topped the national list of cities with a sound investment environment and was among the top 10 most competitive cities in China as ranked by China Central Television in 2004.

The city was named "China's Excellent Business City" by the Chinese version of Fortune magazine in 2004 and 2005. It was termed a "Golden City" for its sound investment environment by the World Bank in 2006.

Using the recent 2008 Olympic Sailing Competition as a valuable opportunity, Qingdao carried out a "sailing city" promotional campaign that greatly boosted the city's international profile.

As it continues to develop, Qingdao was approved to build the Qingdao Qianwan Port Bonded Zone this year.

Exhibitions and conventions have also seen brisk development. The city held the third Asia Cooperation Dialog Ministerial Meeting and a meeting of tourism ministers from China, South Korea and Japan.

The annual Qingdao International Beer Festival attracts global beer powerhouses to participate.

Through partnership with the giant Consumer Electronics Show held each January in Las Vegas, the China International Electronics Show in Qingdao attracts the industry's top manufacturers, purchasers and designers and is now one of the most important in the sector globally.

(China Daily December 30, 2008)