In the early 20th century, the German colonists built the 'Foreign Banks Street' in Guantao Road, the north extension of Zhongshan Road, to charge for customs duties and attract foreign investment. [qingdaonews.com]

In the early 20th century, the German colonists built the 'Foreign Banks Street' in Guantao Road, the north extension of Zhongshan Road, to charge for customs duties and attract foreign investment. It was not until the 1930s that the street had became the 'Financial Trade Center' of Qingdao's economy, which was also referred to as 'Qingdao's Wall Street' or 'Qingdao's Bund', and influenced the economy of the whole eastern part and the export and re-export trade of the coastal regions.

First built in 1899, Guantao Road attracted many foreign agencies and banks. With the rapid extending of financial industry, most of the banks had to move to the south of Zhongshan Road. The later prosperity of the trade region in Zhongshan Road should be also thanks to the earlier export and import trade in Guantao Road.

According to the record, there were as many as 50 to 60 foreign banks in Guantao Road, among which the Japanese banks and companies had built huge buildings to show their significance in Qingdao's economy.