The regional gross domestic product (GDP) of Qingdao's Shinan district soared from some 70 billion yuan ($9.98 billion) in 2012 to 140 billion yuan in 2021, according to local authorities.

As the smallest district (county) in terms of land space in East China's Shandong province, Shinan occupies only 2.7 percent of Qingdao's total area, but has generated 10 percent of the city's total economic aggregate and 20 percent of the total modern service industry output.

The headquarters economy and modern finance are two pillar industries in the district, and the added value of the financial sector accounts for 33 percent of Qingdao's total.

The district is also home to 158 regional headquarters. The number of market entities increased from 35,000 in 2012 to 96,000 in 2021.

In addition, the district is taking the lead in Shandong province in the fashion industry, with 237 "first stores" operating in the area.

Over the past decade, Shinan has also witnessed the establishment of Shandong's first industry-education-research innovation alliance, the China-Shanghai Cooperation Organization Technology Transfer Center and the Shandong Maritime Community Technology Incubation.

A total of 166 innovation platforms have set up operations in the district and the number of high-tech enterprises has reached 230.

The quality of locals' lives has also improved, with the per capita disposable income increasing from 34,600 yuan in 2012 to 69,500 yuan in 2021.