Financial sector ripe for growth

With several banks, securities and futures trading firms, insurance agencies and other institutions thriving in Qingdao the city's financial sector is gaining momentum.

A total of 193 financial institutions operate in the city including foreign invested banks Standard Chartered, HSBC and Deutsche Bank as well as Samsung Property and INGBOB Life Insurance. Together they offer more than 300 financial products.

Financial services played a significant role in shaping the city's booming economy. The fixed asset loans and syndicated loan balance reached 252.53 billion yuan ($40.56 billion). Micro loans for small and medium-sized enterprises as well as agriculture-related loans increased by 33.5 percent and 16.8 percent in 2013 respectively. A total of 49 trillion yuan in economic and social assets were insured by insurance companies.