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Jinjialing sees rapid influx of new companies

By Zhuan Ti | China Daily | Updated: 2017-07-07 09:11

Launched in 2014, Jinjialing Financial District in Laoshan of Qingdao has quickly established itself as a new hub for financial businesses in Qingdao.

The added value of the zone's financial industry reached 1.94 billion yuan ($286.18 million) in the first quarter this year, an increase of 14.5 percent year-on-year, and it is expected to grow 15 percent year-on-year in the first half of 2017.

Tax revenue from the financial industry increased 78.2 percent year-on-year to 1.54 billion yuan.

Jinjialing sees rapid influx of new companies

The local authorities have made great efforts to attract financial technology companies to the zone, in sectors such as big data, cloud computing, risk management consulting, blockchain and smart investment consulting services, with the aim of supporting the development of Qingdao's wealth management pilot zone.

Data show that 610 financial companies and related businesses had established offices in the zone by the end of June, a huge increase on the 65 last year.

The excellent hard and soft support is a key element that has attracted more businesses to the region.

The zone has 5.7 million square meters of facilities such as modern office buildings to satisfy businesses' daily demand. These newly developed facilities ensure businesses can operate in the most effective and efficient manner.

The 800,000-sq-m SII Center, developed by the State-owned Shanghai Industrial Investment (Holding) Co (SIIC), is at the heart of Jinjialing.

"Shanghai Industrial will develop a wealth management and trading hub here to serve the global demand," said Zou Yong, president of SIIC Qingdao Company.

Finance-related service providers such as agencies, training institutions and legal service companies have also been attracted to the zone. And an increasing number of educational institutions have launched branches in Jinjialing to support the zone's finance industry's development. Shanghai University of Finance and Economics launched the SUFE Qingdao Wealth Management Institute in Jinjialing in 2015.

Jinjialing will continue to expand the scale of its financial industry and strive to build a financial cluster in the region. It will make efforts to attract more premium third-party service providers in sectors such as financial big data, financial technology and risk management consulting.

A financial industry system will be established through expansion of the industrial chain, policy support, strong talent services and internationalization, according to local officials.

Jinjialing has also vowed to continue its infrastructure development to attract more leading financial businesses.

zhuanti@chinadaily.com.cn

(China Daily 07/07/2017 page24)

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