The Shinan district of Qingdao city in East China's Shandong province recently bolstered its financial sector, signing agreements of more than 60 financial institutions and enterprises to locate operations there – including Qingdao Branch of the Asia-Pacific Property & Casualty Insurance Co Ltd – with aggregated registered capital of 2.57 billion yuan ($402 million).  

To top it off, in wake of renewed efforts made by Shinan, as of date, 33 venture capital institutions have settled in the district.

In a bid to boost the production of resident businesses, improve their efficiency, cut costs, control risks and improve the experience of customers, Shinan reportedly rolled out full-scale digitalization and the companies located there can now carry out all their orders online.

Yan Shi, deputy head of Shinan district, said the district had introduced various attractive incentives for corporate financial institutions, foreign financial institutions, venture capital funds, commercial factoring financial leasing and other new financial forms.

Yan added that the maximum grant for support enterprises to go public to list their shares in the stock exchange had been increased to 10 million yuan.