Zhang Xinqi, delegate of the National People's Congress (NPC) and mayor of Qingdao, answered reporter questions about the construction of Qingdao’s wealth management pilot zone, development of Huangdao Sinopec district and the application for a national free trade port zone during a Shandong delegation open day of the NPC and CPPCC on March 6.

Zhang Xinqi said that the Qingdao wealth management pilot zone is an important part of China's entire finance system reform. Zhang said that Qingdao will seize the financial reform opportunity to speed up pilot zone construction. First of all, the Qingdao municipal government will make plans for financial policies and learn from policies of current domestic finance pilot zones to set a platform and attract all kinds of domestic and foreign wealth management agencies. Second, professional market construction will be sped up and wealth management marketing functions will be improved. Third, wealth management products and services will be innovated. Meanwhile, supervision system and credit system construction will be improved to further stimulate market vitality and expand development space. Fourth, education and training institutions will be developed to extend the wealth management industrial chain. From now on, Qingdao will take more action in the finance reform of wealth management.

Zhang said Huangdao district, where a fatal pipeline blast claimed 62 lives on Nov 22, 2013, will be rebuilt as part of a free-trade port. Presently, Qingdao is advancing adjustment work for a functional scheme of Huangdao district. Some oil pipeline logistics enterprises will be moved out first. According to Zhang, Huangdao district will be an outlying area of a free-trade zone in Qingdao Port. The application is currently being processed by the central government.

Applying for the national free trade port zone would be meaningful for Qingdao's development, which can offer opportunities for enterprises and benefit local people. Zhang said Qingdao is taking advantage to apply for the free trade zone.