Financial hub will focus on wealth management

Qingdao, a coastal city in East China's Shandong province, intends to become an international wealth management hub during the 13th Five-Year Plan (2016-20) period, through the development of its wealth management pilot zone, local media reported.

The creation of the zone was approved in February 2014, establishing China's only financial comprehensive reform pilot zone focused on wealth management.

Home to 233 financial organizations, Qingdao already boasts a modern financial system with diverse financial institutes.