The China Securities Regulatory Commission, the Shanghai Bureau, and the Shanghai Association of Bankers sent a delegation of 32 senior executives from 21 foreign banks in China to investigate the development of the financial industry and investment environment of Shinan district, Qingdao, East China's Shandong province, on Sept 16-18.

The foreign banks, which include Citibank and J. P. Morgan, come from seven different countries, including the United States, France, Switzerland, Japan, and Singapore.

During the event, a symposium on foreign financial institutions and a lecture on expanding the opening up of the financial industry were held in Shinan to promote exchange and seek development through cooperation. At the symposium, representatives of Qingdao and Shinan discussed the local economic, social, and financial development environment. 

Shinan is the birthplace of Qingdao's financial industry and had a strong "financial gene" as early as 100 years ago. The first foreign bank in Qingdao – the Qingdao branch of Dehua Bank – was established in 1899 on Taiping Road. It was the first private bank to open in the city.

There are currently 144 financial institutions in Shinan, accounting for nearly 60 percent of the total in Qingdao. Among them, 28 are foreign-funded financial institutions, accounting for 80 percent of city's total.