Jinjialing Financial District, the core area of Qingdao's financial industry, signed 23 key projects via an online video conference on March 10.

Local authorities said that the projects, which focus on investment promotion platforms, venture capital, and financial technology, will receive 8.62 billion yuan ($1.24 billion) from domestic investors and $100 million from foreign investors.

Jinjialing, located in Qingdao's Laoshan district, is the core of the Qingdao Wealth Management Financial Comprehensive Reform Pilot Zone. Launched in 2014, it was designed to develop a modern financial service industry as a new growth engine for the regional economy.

Since the beginning of this year, the financial district has held two online signing activities, and 39 enterprises have agreed to set up operations in the district, 24 of which are already established, with a registered capital of 6.5 billion yuan.

Local authorities said that Jinjialing will introduce more financial institutes specializing in wealth management, expand market scale, and build industrial chains in order to become a provincial wealth management hub.