A sub-venue of the 2022 Qingdao China Wealth Forum was held in Shinan district on July 30. Scholars, experts and industrial elites gathered to discuss how to develop new financial formats.

Shinan district is the center of financial industry in Qingdao, and home to more than 130 financial institutions, which accounts for nearly a half of the city's total.

Twenty-eight of Qingdao's 37 foreign-funded financial institutions are operating in Shinan district, including Yi Tsai, the first foreign fund distribution institution approved in China.

The added value of Shinan's financial industry accounted for 22 percent of the district's GDP and 33 percent of Qingdao's GDP.

The district's Party secretary Wang Feng said that Shinan is one of the first regions in northern China to be engaged in the wealth management business.

The local government plans to prioritize the scientific and innovative development of the financial sector in the next five years to drive economic development, according to Wang.

The district is expected to optimize a policy system for financial technology, wealth management, investment, the capital market, and the cultivation of financial professionals. It will solidify its advantages in banking, security and insurance sectors, and enrich the financial formats to build a complete industrial chain.