On May 27, the signing and unveiling ceremony of the PICC Shandong Pilot Free Trade Zone (Qingdao) Project was held in Qingdao International Economic Cooperation Zone. It is the first financial and insurance service project settled after the approval of the China (Shandong) Pilot Free Trade Zone Qingdao Area. Financial innovation supportive policies will be fully utilized, and the first set of major technical equipment insurance and other innovative products will be released to support further advance of the FTZ.
The agreement was signed between QIECZ Management Committee and PICC Property and Casualty Company Limited Qingdao Branch. PICC Property and Casualty Company Limited Qingdao Branch is the branch of PICC Property and Casualty Company Limited located in Qingdao, the first domestic financial enterprise listed overseas, subordinate to the world's Top 500 enterprises—PICC Group. According to the agreement, PICC will highlight the construction function of the Financial Service Free Trade Zone, and launch the emerging industrial insurances relevant to life health, biological medicines, intelligent manufacturing, green manufacturing, aerospace and high-end manufacturing, together with such innovative products as the first set of major technical equipment insurance, new material insurance, technology insurance, patent insurance, cultural industry insurance and marine engineering insurance in the area.
It is known that about 21km2 of the Qingdao International Economic Cooperation Zone are included in the Pilot Free Trade Zone, accounting for 40% of the implementation scope of the Qingdao Area, which is an important constituent part of the FTZ Qingdao Area. Since the Pilot Free Trade Zone is approved, Qingdao International Economic Cooperation Zone has given play to the “magnet effect” of the FTZ, accelerated the implementation of financial innovation pilot policies, and built the innovative and growing industrial ecological chain of the financial industry, so that the financial resources have been aggregated in the Zone. Up to now, cumulatively 53 financial enterprises, including PICC, Bank of China and Bank of Qingdao, have been attracted and settled. Additionally, there are 8 banks and 4 industrial fund financial institutions are handling the settlement procedures.
