Laoshan in Qingdao achieved a general public budget revenue of 10.33 billion yuan ($1.6 billion) for the first six months, up 22.4 percent on the same period in 2020. It is the first time the district has achieved a half-year fiscal revenue that topped 10 billion yuan.

Located in the southeast of Qingdao, Shandong province, Laoshan district is an innovation hub in the port city that has seen rapid industrial development in recent years.

The eye-catching economic figure comes via the district's burgeoning development of emerging industries, according to local officials.

Modern finance is the major industry driving Laoshan's economic growth. The district has attracted 1,068 financial institutions and businesses, with 13 listed companies since it was approved as the comprehensive reform experimental zone for wealth and financial management by the State Council in 2014.

In addition, it has 492 private equity firms managing funds of some 80 billion yuan.

Some 20 high-level financial institutions such as Bank of Qingdao and Lujiazui International Trust have operated businesses at the district's Jinjialing Financial City, which accounts for 80 percent of such institutions in Qingdao.

During the first six months, the tax revenue of the financial industry accounted for 34.3 percent of that total in the district, official data showed.

"Finance is playing an increasing role in supporting socioeconomic development as it sees stable growth," said Wang Feng, head of Laoshan district.

Achieving a financial revenue topping 10 billion yuan within half a year means Laoshan is more capable of meeting the needs of the public and sharing the fruits of development in usage of public finance, Wang added.

Laoshan district has formed four major industries of modern finance, new-generation information technology, cultural tourism and medical healthcare.

"Building major industrial clusters with more open and leading characteristics to help foster new growth drivers will be the only path for Laoshan's high-quality development," said Sun Haisheng, Party secretary of the district.

Focusing on strategic emerging industries such as new-generation IT, virtual reality, intelligent manufacturing and biomedicine, Laoshan has developed its industries through the joint efforts of enterprises, universities and research institutions.

In 2020, the output value of high-tech industries accounted for 85 percent of the district's total with an annual business turnover of at least 20 million yuan, ranking first in Qingdao.

In addition, more than 50 integrated circuit enterprises and institutions have developed with capabilities of innovation, research and development, design, manufacturing and product application.

From 2020 to the first half of 2021, the district has attracted 193 projects, with a total investment of 160 billion yuan. Of these, 180 projects were underway by the first half of the year.

In line with the development of emerging industries, the district government has established relevant institutions. Last year, it launched an activity to encourage more innovation from a wide range of participants such as market regulators, high-tech companies and research institutions.

Jinjialing Financial City in Laoshan district of Qingdao is home to many financial businesses. CHINA DAILY