Night landscape of Qingdao, East China's Shandong province. [Photo/iqilu.com]

The eastern coastal city of Qingdao will release a series of blockbuster polices and plans to accelerate its development of venture capital (VC) investments, aiming to become a new VC center of global influence.

The city will host the 2019 Global (Qingdao) Venture Capital Conference on May 9-10, which will bring together leading minds in the venture capital industry from home and abroad to exchange perspectives, experiences, and trends affecting the business and share insights and suggestions on how Qingdao can emerge as a global VC center.

At the conference, Qingdao will announce a major stimulus package aimed at attracting venture capital institutions to settle down in the city.

The ceremonies will be held to unveil the venture capital center building and witness the arrival of the first venture capital institutions to settle in the building.

The establishment of a science and innovation fund of funds on a scale of tens of billions of RMB is of special concern.

A fund of funds (FOF) is an investment strategy in which there is a master fund investing in various other kinds of funds. This strategy involves investing in a portfolio that contains different underlying assets rather than direct investment in stocks, bonds and various other types of securities.

The establishment of the FOF will be a major measure of Qingdao's financial support of scientific and technological innovation.

The conference will invite influential industry players to discuss the positioning, operation and management of the FOF and give counsel to the city's construction as a new VC center of global influence.

Qingdao will host the 2019 Global (Qingdao) Venture Capital Conference on May 9-10. [Photo/dzwww.com]

Qingdao will also adopt a package of programs to encourage mergers and acquisitions among key enterprises to boost its development of VC.

2019 is regarded as the year of science and technology innovation. The much-anticipated science and technology innovation board is about to land, and the deepening of economic supply-side reform will usher in new opportunities.

Qingdao has a strong industrial base as well as advantages in high-end manufacturing, education, science and technology and innovation capacity.

In recent years, Qingdao has made great efforts to develop high-tech industries with breakthroughs in the fields of new-generation information technology, high-speed trains, biomedicine, new energy vehicles, industrial robots and modern marine industry.

Combined with policies and measures to be introduced, Qingdao will build a new venture capital center with competitive science and technological strength.