A quick glance at the Core Area of the Qingdao International Shipping, Trade and Financial Innovation Center and it is clear that the city is nearing its goal of becoming an international hub for shipping, trade and finance.

The innovation center, located in Shibei district, focuses on the industries of shipping, new trade and finance, a development strategy customized by the global management consulting firm McKinsey & Co in a bid to reenergize the old urban area, further open up and fuel local high-quality development.

The Core Area of the Qingdao International Shipping, Trade and Financial Innovation Center in Shibei district, Qingdao [Photo provided to chinadaily.com.cn]

The Qingdao International Cruise Terminal Area, part of the innovation center, started construction and global business promotion on March 28.

It is designed to be a core area of China's cruise tourism development demonstration zone as well as a global platform for international shipping trade and financial innovation. A total of 15 projects were inked with an investment of more than 31.35 billion yuan ($4.58 billion) at the area's ground-breaking ceremony.

The Qingdao International Cruise Terminal Area is located in the old section of Qingdao Port. [Photo provided to chinadaily.com.cn]

The area is located in the old section of Qingdao Port, which dates back to 1892. It is adjacent to the downtown area and can berth up to a 220,000-metric-ton colossal cruise ship.

Shibei district has also launched a campaign to transform historical residential buildings into modern industrial parks. For example, Guangxingli, the largest Liyuan courtyard in Qingdao, reopened to the public as the Qingdao International Design Center on May 28.

Local government has set up a special industrial and commercial center in Shanghai and organized a series of activities to facilitate cooperation and trade.

Over the past year, 170 new projects were introduced to the innovation center, including 49 projects worth more than 100 million yuan and 13 projects worth more than 1 billion yuan.

The Qingdao International Business Club for Artificial Intelligence, located in Shibei district, will help Qingdao foster a competitive AI cluster encompassing all industries. [Photo provided to chinadaily.com.cn]