Zhao said that Shandong could also explore more economic integration of Northeast Asia by joining hands with Liaoning and Heilongjiang FTZs, and play a more active role in the Beijing-Tianjin-Hebei Integration Plan and Yangtze River Delta region.

Shandong also needs to put more efforts into the innovation of marine sectors, as the province boasts first-class research facilities and topnotch talents in those sectors, Zhao said.

During the forum, a research institute backed by the School of International Trade and Economics at Shandong University of Finance and Economics was officially unveiled.

Zhao said that the research institute would focus on areas including big data in FTZs, financial reform and innovation at FTZs, policy assessment and talent training.

Chen Wenling, chief economist at the Beijing-based China Center for International Economic Exchanges, said the development of China's FTZs should be placed at the background of international economic restructuring and China's national strategies.

Chen suggested that the Shandong FTZ could first try to gather resources around Bohai Bay. Covering a total area of 120 square kilometers, the Shandong FTZ consists of three parts in Jinan, Qingdao and Yantai.

With three to five years of reform trials, the Shandong FTZ is set to develop into a high-level and high-quality zone with features including convenient access to trade and investment, sound financial services and drive development in surrounding areas, Ren Airong, vice-governor of Shandong, said during a news conference in August.