The coastal Shandong city of Qingdao has unveiled a blueprint to establish a free trade zone by 2020, according to a statement posted on the city’s bureau of commerce late Tuesday. The city submitted plans for the experimental zone to the State Council in May for approval, with the ultimate goal of becoming an international trade center for northeast Asia. The plan includes projections for one trillion yuan (US$163.36 billion) in e-commerce transactions, US$150 billion in international trade and 680 billion yuan in consumer spending by 2020. The city will also consider developing a free trade zone with Japan and South Korea, the statement said.
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