Pan Gongsheng, vice-governor of the People's Bank of China, spoke highly of the achievements of the Qingdao Wealth Management Financial Comprehensive Reform Pilot Zone at a recent China Wealth Forum in Qingdao. "The buildup of the pilot zone has presented a good start with a market cluster effect, exceeding our expectations."

In the past two years, Qingdao has beefed up efforts to make breakthroughs in policy reforms and investment promotion and has reached out to build partnerships and conduct cooperative programs to boost its financial growth.

The central government has also provided strong support for reforms in Qingdao, with direct communication channels between the city and the state's financial administrators.

To facilitate the growth of the newly emerging wealth management sector, Qingdao has launched a registration system for such institutions. In addition, new types of financial institutions, such as consumption financial companies and renminbi international investment and loan funds have been set up in Qingdao. The city's first batch of key markets for wealth management, including the Qingdao Guofu Financial Asset Exchange and the Qingdao International Marine Property Trading Center, are operational.

It is the first city in Shandong with total loans by local financial institutions and deposits in local banks both breaking the record of 1,000 billion yuan ($153.38 billion). The overall turnover of the city's securities transactions through agents has surpassed the 6,000 billion yuan benchmark, and total insurance premiums in Qingdao have exceeded 20 billion yuan.

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