The Licang District of Qingdao, East China's Shandong province, signed an agreement with the Qingdao Rural Commercial Bank (QRCB) on Aug 29, in a bid to promote the financial industry in the district, dailyqd.com reported.

According to the agreement, the QRCB will offer strong financial support for the development of Licang District's financial industry as well as other important industries, based on the bank's advantages in products, services, and branding.

In recent years, the government of Licang District has been striving to promote the transformation and upgrading of its economic infrastructure, and give priority to the development of its financial industry.

A number of financial institutions and agencies have been introduced to the area as the government is committed to setting up a multi-layer capital market system, as well as a comprehensive financial services system.

One official from the government of Licang District said that the signing of the strategic partnership agreement marked the beginning of long-term cooperation between the two sides.