The eastern coastal city of Qingdao, Shandong province will intensify efforts to boost the development of its modern service industry by implementing key projects, said local officials.

The eastern coastal city of Qingdao, Shandong province [Photo/VCG]

The Qingdao municipal development and reform commission recently selected 63 key projects in the service industry for this year. The projects will receive a total investment of 226.5 billion yuan ($34.56 billion) and cover business services, cultural innovation, modern finance, modern logistics, the new generation of information technology, quality tourism and healthcare.

The projects are expected to contribute to the city's efforts to replace old growth drivers with new ones, facilitate regional high-quality development, and cultivate new forms of business in the service sector, said local officials.

Local authorities said that the service industry has become the largest industry in Qingdao and the main driving force behind its economic growth, indicating that the city has entered a new stage of economic development.