Laoshan district in Qingdao has made unprecedented achievements in economic and social development in the past five years, local officials said.

The GDP of Laoshan district exceeded 100 billion yuan ($15.72 billion) in 2021, and the district's general public budget revenue exceeded 20 billion yuan, respectively, 1.7 and 1.5 times from that in 2016. In 2021, Laoshan's per capita disposable income was 62,031 yuan, up 43.8 percent from 2016.

Laoshan district is one of the most dynamic and prosperous regions in Qingdao, Shandong province. [Photo/Guanhai News]

In the past five years, the four leading industries in Laoshan district, namely modern finance, new generation of the information technology industry, cultural tourism, health and medicine, have continuously achieved new breakthroughs.

In Laoshan, the modern finance sector is booming. Everbright Wealth Management, BQD Wealth Management, and Hengfeng Wealth Management have set financial management companies in the district, with a combined asset management scale of over 1 trillion yuan. The district also added 647 new financial institutions and related financial organizations, totaling 90 billion yuan in assets under management.

The district has seven unicorn enterprises, which places it first in the province. Unicorn companies are privately held startup companies valued at over $1 billion. Laoshan highlights quick expansion and innovation as two of the most important qualities of successful new economy businesses.

In Laoshan, gross ocean production has increased by 13 percent annually over the past five years. The number of new and high-tech businesses has surged from 190 in 2016 to 628 in 2021. 

Last year, the output value of new and high-tech industries accounted for 82 percent of the total output value of industries above designated size in Laoshan.