Qingdao aiming to become international trade center

East China's port city of Qingdao is planning to set up a free trade trial zone and build itself into an international trade center before 2020, local commerce authorities said on Friday.

"In May, the provincial government submitted to the State Council an application to build Qingdao into a free trade trial zone. The Ministry of Commerce has dispatched personnel to carry out research in the city," said Ma Weigang, head of the Qingdao Commerce Bureau.

Ma said that the free trade zone is expected to take full advantage of trade cooperation with the Republic of Korea and Japan, develop e-commerce, promote international trade in goods, services and freight, as well as boost the integration of domestic and foreign trade.

It is hoped that Qingdao can be developed into an international trade center city in northeast Asia in 2020, and the establishment of the free trade trial zone will be an important breakthrough to realize that goal, Ma added.

Located in the Yellow River basin and on the western Pacific Rim,Qingdao Port became one of the world's top 10 container terminals in 2007. It has established trade relations with more than 450 ports in over 130 countries and regions.

The port's handling capacity in 2012 reached 400 million tonnes. Its imports and exports totalled 148.9 billion U.S. dollars that year.

Qingdao Port is the second-largest such facility in China. It also handles imports of more natural rubber, cotton and crude oil than any other port in the country.