Qingdao's private equity industry has shown strong growth momentum as the city is ramping up efforts to build a global venture capital center with many supportive policies, local media reported.

The Global (Qingdao) Venture Capital Center [Photo/guanhai.com.cn]

According to the latest data from the Asset Management Association of China, Qingdao's private equity fund management exceeded 150 billion yuan ($23.49 billion) by the end of October, reaching 159.86 billion yuan.

The number of private fund managers, the number of managed funds, and the scale of managed funds are three key indicators to measure the development of a private fund industry in a city, said industry insiders. Since the beginning of this year, Qingdao has been under the spotlight as the three indicators continue to grow.

By the end of October, Qingdao had 436 private equity fund managers registered with the Asset Management Association of China, up 28.99 percent year-on-year. Its number of managed funds reached 1,583, a year-on-year growth of 96.89 percent, while the scale of its fund management stood at 159.86 billion yuan, 17.39 billion yuan more than the previous month.