Shandong province in East China recently launched a batch of measures to support the high-quality development of the venture capital industry.

Venture capital is a form of private equity and a type of financing that is provided by venture capital firms in the form of funds to startups and early-stage or emerging companies that are believed to have long-term growth potential. It plays an increasingly prominent role in supporting scientific and technological innovation and industrial structure adjustment.

"In recent years, the development of the venture capital industry in Shandong has been expanding. The main indicators of venture capital funds registered in Shandong, such as the number of funds, the scale of fund management, and the number of investment cases, rank highly on the national scale," said Wang Dong, deputy director of the Shandong Provincial Development and Reform Commission.

Shandong has launched management, services, and institutional mechanism reform measures to support the the development of the venture capital industry.

By 2025, the comprehensive strength of venture capital in the province is expected to be greatly improved, and the number of venture capital funds registered in Shandong is expected to increase by more than 15 percent annually.

The province plans to cultivate Jinan and Qingdao into global venture capital centers. There will be more than 10 provincial venture capital agglomeration areas, more than 50 leading venture capital institutions, and more than 30 leading local venture capital brands with a national influence in Shandong.

Qingdao in Shandong province [Photo provided to chinadaily.com.cn]