One of the major reasons why Qingdao's economy maintained rapid growth during the 12th Five-Year Plan (2011-15) period is that finance is playing a more important supporting role, Li Qun, Party chief of the city, said recently at a symposium on finance.

In February 2014, Qingdao gained approval from the State Council to build the Qingdao Wealth Management Financial Comprehensive Reform Pilot Zone, which is the first one in the country characterized by wealth management. Since then, city officials have poured in efforts to develop the city's financial sector to meet the requirements of upgrade and transference.

Centering on realizing the objective of build Qingdao as a new leading wealth management center, the following works will be well done including optimizing financial industrial structures and resource allocation, directing citizen's wealth and private capital into real economy, create a safe and steady environment for financing and investment and financial order, and promoting national financial innovation and development.

In 2010, the financial industry contributed to 4.2 percent of Qingdao's gross domestic product. By 2015, that grew to 6.3 percent. In 2015, profits generated from the financial sector amounted to 58.8 billion yuan (US$9.07 billion), 2.5 times higher than in 2010.

As a national pilot zone, the city has taken the lead in China's financial policy reforms. It has implemented 35 new financial reform policies, including mortgage plans to benefit small and medium-sized high-tech companies with loan financing.

By the end of 2015, there were 34 foreign financial institutions operating in Qingdao, making up 90 percent of the Shandong province's total. "Qingdao is a thriving city, its financial market is appealing, and we believe we could gain tremendous success in this city." said Gao Feng, president of Deutsche Bank China.

Foreign institutions have taken a fancy to Qingdao because they see tremendous prospects in the city's financial sector because of the city's geographic advantages, strong industrial foundation, government support and preferential policies.

Moreover, the city has formed a financial leadership group, headed by Qingdao Mayor Zhang Xinqi since 2012, to establish a development plan for its financial industry. Officials at all levels are reportedly learning about the industry and gaining insights from attending financial events held in the city.

It has attracted 11 banks to set up private banking branches for a combined asset value of 70 billion yuan. 147 private-raising funds have been registered. Qingdao Blue Ocean Equity Exchange, a regional equity trading market located in Laoshan international innovation park, plays a more and more important role to entrepreneurs.

More than 300 companies have been listed in the market since its commencement of business in April, 2014. It has raised totally more than 2.7 billion yuan for companies. Wang Daoyun, chairman at the Blue Ocean Equity Exchange, said "I am thrilled to see these promising companies grow rapidly after getting funded at our platform."