Shinan district in East China's Qingdao province has been working to develop a headquarters economy and fashion economy during the past year, fostering new driving forces for higher-quality development.

In December, Yi Tsai (Italian talent), a fully-owned subsidiary of Italy-based banking group Intesa Sanpaolo Group, was approved to offer fund sale services after the unit completed a pilot project in Shinan district.

This is the first fund distribution license given to a foreign financial institution since China decided to further open up its financial sector in 2017 as part of the overall opening-up process, said Ye Tan, an independent financial analyst.

Established in 2016, Yi Tsai is now fully operational in the Chinese market. Besides, Intesa Sanpaolo also holds a 13.85 percent stake in the Bank of Qingdao, the second largest shareholder of Yi Tsai.

Shinan district is home to about 150 financial institutions, accounting for over half of the total in Qingdao. In 2019, 105 financial institutions and related firms were introduced to Shinan district, including Yi Tsai and the Bank of Dongying, making the district's financial added value accounting for 36 percent of the city's total.

In June, Shenzhen Stock Exchange was introduced to the Qingdao Capital Market Service Base. The service base was built in Shinan district in 2018, providing one-stop services for enterprises on businesses relating to listings.

In July, the Shinan International Center for Shipping, Trade and Financial Innovation opened as a free, one-stop public platform for shipping enterprises. It is expected to help cut costs for enterprises, speed up the aggregation of shipping-service enterprises, form a shipping industrial park and build an ecosystem for a large logistics industry.

A total of 110 shipping logistics enterprises settled in Shinan district in 2019. The operating revenue of the transportation industry exceeded 28 billion yuan ($4 billion).

In 2019, representatives from Shinan government visited 1,564 enterprises, helping to bring about 683 agreements, of which 327 were worth over 1 billion yuan.

In order to attract more quality enterprises and talents, Shinan district signed with Shandong Chamber of Commerce in Shenzhen and Shandong Chamber of Commerce in Shanghai to share resources and promote its business environment.

Shinan has been making efforts to help Qingdao to become a fashion metropolis as well.

In November, a fashion show held as part of the 2019 Qingdao World University Student Fashion Design Competition took place on a 120-year-old trestle in Shinan district.

Clothing designed by talented artists from around the world was presented on the 440-meter trestle. The combination of innovative fashion designs and ancient architecture attracted attention from around the world.

The Beijing Institute of Fashion Technology's (BIFT) fashion research institute in Shinan district is also expected to be put into operation in 2020 as a powerful force driving the development of fashion industry here.

Tourism remained as an important economic growth point in Shinan. A number of events, including the flower admiring festival, music art festival, international fashion design competition and French film week, promoted the city's picturesque scenery and modern lifestyle over the world.