The Qingdao municipal government announced 10 blockbuster polices to accelerate its development of venture capital (VC) investments and its emergence as a global VC center.

Liu Jianjun, vice mayor of Qingdao, delivered a speech to detail the city's policy measures for building VC center at the 2019 Global (Qingdao) Venture Capital Conference, which opened on May 9.

According to Liu's speech, Qingdao will accelerate the gathering and development of VC institutions, promote connections between VC institutions and the real economy, leverage the role of government in guiding funding and investment, encourage state-owned enterprises' participation in the VC industry and expand VC fund raising and exit channels.

The city will also explore establishment of VC incubators, recruit and train VC professionals, facilitate two-way opening up of the VC sector, encourage eligible districts (county-level cities) to build VC institution clusters and create a market-oriented and law-based business environment.

According to statistics from the Qingdao government, by the end of 2018, there were 236 fund managers and 414 archived funds in Qingdao, involving a capital management scale of 64 billion yuan ($9.4 billion), while Shenzhen, one of Qingdao's development targets, has more than 4,600 private fund managers with a capital management scale of over 1.8 trillion yuan, providing strong financial support for the development of technology giant Tencent, the world's largest civilian drone maker DJI and other high-tech enterprises in the region.

The 10 policies are introduced to attract more venture capital institutions to settle down in Qingdao and fuel the city's scientific and technological innovation.

Liu Jianjun, vice mayor of Qingdao, details the city's policy measures for building the VC center at the Global (Qingdao) Venture Capital Conference which opened on May 9. [Photo provided to chinadaily.com.cn]

The 2019 Global (Qingdao) Venture Capital Conference commences on May 9 in Qingdao, welcoming more than 1,000 venture capitalists, investors, deal makers and other service providers from all around the world. [Photo provided to chinadaily.com.cn]