Qingdao aims to be global wealth management center

Coastal city plans to develop financial sector to hit targets

Qingdao, a coastal city in East China's Shandong province, recently rolled out an ambitious strategy to develop its financial sector as part of China's experimental reforms for the industry.

"Qingdao aims to become Asia's wealth management center by 2030 and become a globally renowned wealth management center by 2050," said Zhang Xinqi, mayor of Qingdao.