"Qingdao is a city full of vitality and entrepreneurship. It is also a unicorn city."

This was how Wang Qingxian, Party chief of Qingdao, described Qingdao on several occasions recently.

The remarks by the city's top official revealed the development direction of the eastern coastal city in Shandong province, which has been ramping up efforts to become a new cradle for Chinese unicorn companies that could inject more vitality into the development of the new economy.

On Sept 15, Wang had a meeting with representatives of the country's top 37 new economy-related companies.

Qingdao officials have a meeting with representatives of the country's top 37 new economy-related companies on Sept 15 to facilitate cooperation. [Photo/qingdaonews.com]

The companies, all listed as unicorns, potential unicorns, gazelles or other high-growth enterprises, proposed cooperation with Qingdao in aspects of the intelligent, innovative and data-focused new economy at the meeting, including projects for a smart urban medical system, an e-commerce platform for fresh agricultural products, and a demonstration area of driverless integrated application.

Wang extended his warm welcome to the companies to invest and start businesses in Qingdao, adding that the city is aiming to become a pioneer and model for the promotion of the new economy.

The urban landscape of Qingdao, Shandong province [Photo/VCG]

He said that Qingdao has huge development potential brought about by national strategies like the China-SCO demonstration zone and the Qingdao Area of the China (Shandong) Pilot Free Trade Zone, and the city is promoting the development of new technologies, industries and business models.

Wang also mentioned the city's many measures and preferential policies aimed at attracting assets and professionals, innovating business environment, improving the efficiency of innovation and entrepreneurship platforms, and upgrading the consumption model.