Financial cluster shines

The Jinjialing Financial Cluster Area in Qingdao's Laoshan district looks set to become a star of the finance industry after the central government appointed it as a financial pilot zone for wealth management last year.

According to Xia Zhengqi, standing executive director-general of the area, Jinjialing will position itself as a regional wealth management center.

"An entire financial industry chain that incorporates banking, insurance, securities, trust funds and financial institutions that offer a range of financial services for personal investors has been created in Jinjialing," he said.

Construction of more office buildings in the area is due to start and will cover 2 million square meters, with the aim of attracting 100 finance enterprises and head offices to sign up for office space in 2015, according to Xia.

Iconic buildings are expected to include the Qingdao Global Financial Center and the St. Petersburg Wealth Management Building.

In the first quarter of 2015, the area's financial sector achieved profits worth 1.385 billion yuan ($227 million), up 15 percent compared with the same period last year, accounting for 11.9 percent of the area's gross domestic product. Tax revenue collected from the area's financial sector reached 980 million yuan, a 25.1 percent year-on-year growth. According to the area's plan, the finance industry's tax contribution will climb to 5 billion yuan by 2018 and the area will be home to more than 500 financial enterprises by then.

Several regional finance leaders have settled in the area and given full play to the area's financial activities.

Qingdao Rural Commercial Bank opened their headquarters in Laoshan with registered capital of 5 billion yuan, while CITIC Securities invested 3 billion yuan in the area. Five stock equity funds operate with a combined capital of 27 billion yuan.

While attracting banks and firms in securities, insurance, equity and wealth management, the government also welcomes other companies from home and abroad to set up regional headquarters in Laoshan.

Several key projects in progress include Qingdao's first independent insurance company, Qingdao Zhonglu Insurance, which opened for business in October 2014 in Jinjialing.

The Lanhai Equity Exchange, which has been operational since April 2014, is dedicated to developing a multi-tier capital market in the area.

xiechuanjiao@chinadaily.com.cn

(China Daily 05/25/2015 page12)