Weihai development zone delivers robust H1 performance

The Weihai Torch High-Tech Industry Development Zone – located in Weihai city in East China's Shandong province – is said to have delivered a robust performance in the first half of the year, while it also pursued progress.

The positive outcome came in the wake of a prudent monetary policy, prioritized company stock market listings, increased credit fund investments, improved financial services and the encouragement of  positive economic and financial interactions.

All these efforts are said to have resulted in a favorable trend toward sustainable development.

The Weihai High-Tech Zone has focused on promoting company share listings in the capital markets.

Positive results were achieved with the establishment of a coordinated working mechanism and individual plans for companies, as well as the expediting of land and permit issues.

One beneficiary was Weihai Ploumeter Co Ltd, which went public on the Beijing Stock Exchange. Its listing brought the number of listed companies in the region to five.

Weihai Ploumeter Co Ltd goes public on the Beijing Stock Exchange. [Photo by Gao Xin for chinadaily.com.cn]

What's more, efforts have been made to expand the scale of credit – encouraging banks to offer more financial support to industry clusters, key projects and technology enterprises.

As an example, the zone recently partnered with the Bank of China to provide local enterprises with 10 billion yuan ($1.37 billion) in credit support.

In the financial sector, the Weihai High-Tech Zone is working on the development of its financial ecosystem. It's established venture capital funds and there are plans to set up a Shanghai Pudong Development Bank branch there.

Additionally, a raft of financial steward service teams have been formed to provide comprehensive services to enterprises, covering various stages such as financing, policy consultations and listings. (Edited by Zhou Yunlai)