Qingdao WCNA boasts quality development

A bird's-eye view of Qingdao West Coast New Area. [Photo/Guanhai News]

Qingdao West Coast New Area (Qingdao WCNA) in East China's Shandong province has always been striving for high quality development. In the first three quarters of this year, its gross domestic product (GDP) reached 343.68 billion yuan ($49.46 billion), up 5.3 percent year-on-year and is 2.3, 1.3 and 1.2 percentage points higher than those of China, Shandong province and Qingdao, respectively.

The district embraces a development concept based on innovation and continues to boost the development of emerging industries. In the first half of this year, the four most prominent emerging industries boasted an added value of 72.14 billion yuan, up 14.14 percent year-on-year and made up for 32.57 percent of the district's GDP, an increase of 1 percent year-on-year.

To attract more investment and stabilize the area's development, the district has taken advantage of its financial tools. Currently, there are 28 policy-based open fund projects that have passed two rounds of reviews, and 13 projects have been approved for lending. At the same time, 56 government special bond projects were issued, with a total investment of about 120 billion yuan and a bond issuance amount of 14.54 billion yuan.

The district is also working hard to drive investment by employing key projects. In 2022, 95 projects with a total investment of 222.6 billion yuan were included in the provincial and municipal key projects in the district, and the number and scale of the projects ranked first in Qingdao.