The eastern coastal city of Qingdao, Shandong province has been ramping up efforts to develop into an influential city in the global economic network.

The city has sent 51 officials to Shanghai to learn from the metropolis' experience in developing a modern service industry, with particularly areas such as software and information, finance and technology, culture and health, and modern logistics and high-end commerce.

Qingdao at night [Photo by Wang Hua/qingdaonews.com]

Shanghai, a global center for finance, technology, innovation, and transportation, has developed a modern industrial system featuring modern services. The modern service sector accounted for 72.5 percent of the city's GDP in 2019.

According to Qingdao authorities, the modern service industry has become an important driver in the development of the new economy and new industries in major cities. In developed countries, the added value of the service industry accounts for around 70 percent of GDP, indicating that a booming modern service industry has become the standard for global cities.

Last year, the added value of the service industry accounted for 53.9 percent of China's GDP.

An aerial view of Shanghai [Photo/VCG]

The service industry has also become a new engine of economic growth for Qingdao.

Last year, the added value of Qingdao's service industry reached 714.86 billion yuan ($102.08 billion), exceeding 700 billion yuan for the first time, an increase of 8 percent, while its share of the city's total GDP reached 60.9 percent, exceeding 60 percent for the first time. It also played a huge role in economic growth and creating new jobs.

Qingdao officials have said that the service sector will advance the city's high-quality development and further optimize its economic structure, and that Shanghai's practices and approaches will further benefit Qingdao's development.