Fixed asset investments in Qingdao, Shandong province rose 21.6 percent in 2019, the highest growth rate in seven years, and significantly higher than the 7.4 percent growth rate in 2017 and 7.9 percent growth rate in 2018, according to the Qingdao municipal bureau of statistics.

Local authorities said that the coastal city has been ramping up efforts to promote business and investment, further opening up, and striving to develop into an internationally influential city on par with Shenzhen.

The eastern coastal city of Qingdao, Shandong province [Photo/dailyqd.com]

Data from the Qingdao municipal bureau of statistics showed that in 2019, fixed asset investment in the city saw a strong increase, with the monthly growth rates from February to December being 5.6, 6.3, 4.5, 5.4, 7.5, 8.6, 9.9, 15.3, 17.3, 21.3 and 21.6 percent, respectively.

Among the city's 10 districts and county-level cities and two additional “functional” districts, three (Chengyang district, Huangdao district, and Laci city) saw an investment growth rate of above 30 percent, while five (Licang district, Laoshan district, Jiaozhou city, the Qingdao Qianwan Free Trade Port Zone, and Jimo district) saw a growth rate between 20 and 30 percent. Most others fell within the 15-20 percent range.

In 2019, 2,349 projects involving strategic emerging industries were underway in Qingdao, an increase of 1,099 over the previous year. Investment in such projects grew by 26.5 percent, representing 35.4 percent of the city's total investment growth.

Last year, there were 395 high-tech industry projects underway, 207 more than the previous year. Investment in such projects grew by 101.8 percent, representing 25.7 percent of the city's total investment growth.

In addition, the city's marine economy is growing steadily. Last year, it was home to 128 marine projects, with investment in such projects growing by 56.5 percent.

Private investment in Qingdao also increased, supported by a series of policies to help private enterprises. In 2019, private investment in the city increased by 20.9 percent, 13.8 percentage points higher than the previous year.

Private investment accounted for 52.5 percent of all investment in the city and represented 51.1 percent of the city's investment growth.