Shinan strives to be modern area with global influence

chinadaily.com.cn| Updated: November 24, 2021


Shinan district in Qingdao, East China's Shandong province has maintained its vigor and vitality over the past decades. [Photo/WeChat account: qdweishinan]

Shinan district will continue to develop itself into a model area that will aid Qingdao's goals of becoming a modern international metropolis.

Shinan district, the urban area of Qingdao in East China's Shandong province, has trade contacts with more than 200 countries and regions across the world. Today, more than 50 Global Fortune 500 companies have investments in the district.

Statistics show that the total output value of Shinan was 127.23 billion yuan ($19.92 billion) in 2020, accounting for 10 percent of Qingdao's total amount. The district was also among the top 100 in China in terms of high-quality development.

Shinan has in recent years sped up its industrial transformation and upgrading, and expedited the replacement of old growth drivers with new ones. The modern services industry in the district has been growing steadily and now accounts for more than 90 percent of Shinan's total GDP.

The district currently has a modern industrial system which involves the headquarters economy, digital economy, modern finance, trade and commerce, shipping trade, culture and tourism.   

Shinan is now home to 96,000 market entities, including 154 large-scale headquarters enterprises, and 137 financial enterprises and institutions. It has also gathered a number of scientific research institutions and innovative platforms, including 236 high-tech enterprises, all of which have played a vital role in speeding up Shinan's innovation capability.

Gao Jian, head of Shinan district, noted that Shinan will roll out a slew of supportive measures to support local economic and social development activity.