Laoshan district in Qingdao strives to create a first-class business environment to contribute to the high-quality development of its economy. [Photo/WeChat account: gh_f3e82fe3b50e]

Laoshan district in Qingdao in East China's Shandong province has been striving to create a first-class business environment to contribute to the high-quality development of its economy.

Since the beginning of this year, the district has fulfilled industrial support funds totaling 1.77 billion yuan ($247.9 million) and accelerated the construction of a new model for a first-class business environment in China.

In the first three quarters of the year, the district's GDP increased by 7 percent compared to the same period last year. Fixed asset investment increased by 13.6 percent, and general public budget revenue increased by 17.4 percent.

Laoshan district explores mechanisms such as having government officials take charge of enterprise projects. [Photo/WeChat account: gh_f3e82fe3b50e]

Efforts have been made to streamline approval procedures. Currently, Laoshan district has explored mechanisms such as having government officials take charge of enterprise projects. It has also created new modes, such as "mobile approval," "e-approval," and "unmanned approval" to expedite administrative approval efficiency.

The district is committed to creating a fair and just market environment with equal opportunities in market access, bidding and other aspects.

In addition, the district has vigorously promoted intelligent regulatory services by building an integrated platform for market regulation and establishing a database for regulatory services for business entities.

Thanks to the improved business environment, the district is now home to 177 companies with a registered capital of over 100 million yuan, accounting for 17.6 percent of the total number of companies in Qingdao with a registered capital exceeding 100 million yuan.

Laoshan district in Qingdao strives to create a first-class business environment to contribute to the high-quality development of its economy. [Photo/WeChat account: gh_f3e82fe3b50e]