Laoshan district has been ramping up efforts to build a market-oriented, law-based and international business environment to create favorable conditions for the development of domestic and foreign financial institutions and financial talents.

Laoshan district is home to more than 1,200 financial institutions and enterprises. [Photo/Bandao News]

More specific measures have been launched to leverage the role of finance in serving the development of the real economy.

As the first pillar industry of Laoshan, the financial industry achieved an added value of 20.5 billion yuan ($3.04 billion) in 2021, with an increase of 11.5 percent and accounted for more than 20 percent of the district's GDP.

Laoshan has gathered more than 1,200 financial institutions and enterprises, accounting for about 70 percent of the city's total.

Jinjialing Financial District, the core area of the Qingdao Wealth Management Financial Comprehensive Reform Pilot Zone, is located in Laoshan.

Jinjialing Financial District [Photo/Bandao News]

The financial district has been working to introduce more financial institutions with strength in wealth management and have the ability to expand market scales and build industrial chains to help the province become a wealth management hub.

Laoshan now is working to build two industrial chains worth 100 billion yuan for virtual reality and modern finance, two industrial chains worth 50 billion yuan for artificial intelligence and intelligent manufacturing, and three industrial chains worth 20 billion yuan for software and information services, biological medicine, and cultural tourism.

Laoshan is actively exploring innovative service models to establish a diversified investment and financing system covering different stages of development of small and medium-sized science and technology enterprises to provide full life-cycle services for enterprise development.