The State Council recently issued the Notice on Promoting the Experience of the 7th Batch of Pilot Reform Projects in Pilot Free Trade Zones to promote 22 reform matters in five fields nationwide and 2 reform matters in specific areas such as pilot free trade zones and coastal areas. Among them, the "business model of movable property receipt pledge financing" in China (Shandong) Pilot FTZ Qingdao Area was selected for nationwide promotion.

Relying on the advantages of port and bulk commodity concentration, Qingdao Area takes blockchain technology as the core, digital warehousing as the foundation, and standardization of digital warehouse receipts as the focus. It is the first in China to launch a business model of movable property receipt pledge financing based on digital warehouses and trustable warehouse receipts, achieving collaborative innovation in "warehousing, trade, finance and supervision".

Since its approval, Qingdao Area has formulated 285 institutional innovation measures in total, 1 of which was selected by the State Council for nationwide promotion, 11 were selected by state ministries and commissions for nationwide promotion, and 52 were promoted throughout the province. Qingdao Area has yielded positive results in institutional innovation and effectively played its role as a comprehensive experimental platform for reform and opening-up.