According to the annual report of 2021, the development of the financial industry in Qingdao West Coast New Area (WCNA) has picked up pace, gathering more financial resources and venture capital, local media reported.

Statistics showed that the added value of the financial industry in Qingdao WCNA reached 9.9 billion yuan ($1.56 billion) in 2021, a year-on-year increase of 6.3 percent.

Last year, seven new fund management companies and 76 new fund products were registered in the area, with the subscription amount reaching 50.12 billion yuan. In total, 49 fund management companies have been registered with the China Foundation Association, 186 fund products have been registered, and the fund scale has reached 93.03 billion yuan in the area.

The real economy profited from the finance industry's expansion. To improve online and offline comprehensive financial services, Qingdao WCNA made extensive use of financing mechanisms including bank loans, equity investment, and bond financing.

In 2021, the balance of deposits and loans in the area reached a record high of 606.67 billion yuan, a year-on-year increase of 16.92 percent. The new loan balance was 55.55 billion yuan, accounting for more than one-sixth of Qingdao city's total.

To date, 373 projects have received funding from private equity funds in the area, totaling 22.43 billion yuan. There were 65 projects in the area, with a total investment of 12 billion yuan, accounting for 53.48 percent of the total amount invested.