Jinan Comprehensive Free Trade Zone (JCFTZ), located in the suburb of Jinan city, rose to fame due to the opening of Jinan International Commodity Supermarket on April 4. Taking advantage of the successful conclusion the 14th round of China-Korea FTA conversation on June 1, JCFTZ actively promote the planning and construction of a model zone of the China-Korea Free Trade Area.
On September 14, journalists of the tour of Chinese and Korean media arrived at JCFTZ to conduct a field interview attempting to a glimpse of its new planning after the signing of the China-Korea FTA.
Jinan International Commodity Supermarket offers 1900 kinds of Korean commodities
Most Jinan residents got to know Jinan Comprehensive Free Trade Zone because of Jinan International Commodity Supermarket which was open on April 4 and located in the zone. At the beginning of its opening, the supermarket was crowded with visitors every day. People from Liaocheng, Laiwu, Zibo, Tai’an and Dezhou swarmed to buy foreign commodities. Statistics show that about 28,000 visitors came to the supermarket in the first three days of its trial opening and the total sales have surpassed ten million yuan in the first three months.
In the International Commodity Supermarket, the skin care products, foods and cleaning products from South Korea are more popular.
Currently, there are four Korean suppliers, four Korean sole proprietorship enterprises and 12 Korean brand agents to provide 1900 kinds of Korean goods for the supermarket.
To be a model zone of the China-Japan-Korea free trade
Jinan Comprehensive Free Trade Zone is the sole state-level comprehensive FTZ in the central and western area of Shandong province. It enjoys geographical advantage, with Jinan-Qingdao highway, Jinan-Laiwu highway and Beijing-Shanghai Expressway running near it and Jinan International Airport only 18 kilometers away.
Lying in the Blue Economy Circle and the Provincial Capital City Agglomeration Economic Circle, JCFTZ takes active part in the construction of the “One Belt One Road” planning and attempts to build a demonstration zone of the export-oriented economy radiating the whole province and a new highland for opening-up.
According to Zhang Chengxin, director of the Development Center of JCFTZ, last year JCFTZ achieved a total income of 19.5 billion yuan, a year-on-year increase of 21.87 percent, a tax revenue of 0.25 billion yuan with a yearly growth of 21.95 percent and a fixed-asset investment of 6.15 billion yuan, a jump of 50 percent to last year. The total volume of foreign trade last year reached up to 1.07 billion dollars, a rise of 23.99 percent.
Seizing historic opportunities of the China-Korea FTA and the China-Japan-Korea Regional Economic Cooperation Demonstration Area, JCFTZ is actively building China-Japan-Korea bulk commodity exhibition and trading center as well as the China-Japan-Korea cross-border e-commerce transaction platform.
Cooperating with Korean government to enhance Jinan’s attraction of foreign investment
Since the signing of the China-Korea FTA, the cooperation between JCFTZ and South Korea has deepened from commercial exchange to strategic cooperation. The import and export volume of Korean commodities as well as the disbursement of foreign capital have realized a rapid growth.
JCFTZ has strengthened cooperation with Busan municipal government and Jeju provincial government in international trade and the introduction of projects. Preferential policies have been made by Korean government to encourage enterprises to invest in JCFTZ. Currently, some household appliance, bio-engineering and cosmetic enterprises from South Korea mull to establish production base in Jinan.