Laoshan district in Qingdao, Shandong province, has recently put nine projects into construction, with a total investment worth 13.75 billion yuan ($2.15 billion).

The move took place in mid-October and marked that the district has completed its yearly goals of starting construction of 57 projects centered on "new economy", with each worth more than 100 million yuan.

New economy focuses on fostering new technologies, new industries, and new forms and models of business.

By the end of this year, the district is expected to have implemented more than 35 projects and roll out specialized policies to support new economic growth, clearing more than 2.5 billion yuan of finance for supporting industrial development, local officials said.

The district government has encouraged industrial giants such as home appliance manufacturer Haier, electroacoustic components manufacturer Goertek and supercomputer manufacturer Sugon, to play leading roles in the district's construction of an industrial ecosystem that integrates innovation, research and development, manufacturing and product application. The aim is to create a new generation of information technology industrial value topping 60 billion yuan.

Utilizing industrial internet platforms such as COMOPlat and the Shandong branch of the National Industrial Internet Big Data Center, Laoshan district has developed industries with a focus on digital empowerment. The district has built five buildings for characteristic sectors including finance and virtual reality. It also plans to start the reconstruction of two communities, expanding 380,000 square meters of space for developing industries.

The district is home to 484 high-tech companies, more than 1,000 emerging businesses and 232 small and medium-sized enterprises that specialize in niche sectors, command a high market share and boast a strong innovative capacity and core technologies.

In addition, the district has 13 companies publically listed at home and abroad and six unicorn companies. A unicorn company is a startup valued at more than $1 billion within 10 years of its establishment.

With the burgeoning development of emerging industries, Laoshan district has become an ideal destination for financial investment.

Laoshan district has more than 1,000 financial institutions and businesses including Lianchu Securities and Lujiazui International Trust. Moreover, wealth management companies of Everbright, BQD and Hengfeng have settled down in Laoshan, making the district only the second district with three wealth management companies after Beijing's Xicheng district.

Official data show that the district's financial industry accounts for 21 percent in its regional GDP and the proportion of the industry's tax revenue accounts for 34.3 percent.

Apart from new industries and finance, the Laoshan government has attached importance to its cultural development, as part of the effort to boost the integration of culture and tourism.

In recent years, the district has accelerated the upgrading and transformation of the cultural and tourism industry.

The district government has invested nearly 10 billion yuan in carrying out megaprojects such as the Shagang Bay area, and produced a group of cultural and tourism businesses including Jiushui Heyuan Art Design Hotel and Laoshan Academy. Laoshan has also developed more technology-based tourism and promoted its rural vitalization.

Over the years, the district has won honors such as being named as a demonstration base for ocean-based tourism businesses and a demonstration base for aviation tourism.

The district will continue to build up its cultural tourism brand and pursue high-quality development, local officials said.

The international innovation park in Laoshan district of Qingdao is home to a slew of high-tech businesses. CHINA DAILY