Qingdao West Coast New Area (WCNA) recently issued a development plan for its financial industry during the 14th Five-Year Plan period (2021-25).

By 2025, a regional financial center facing Japan and South Korea in the Yellow River basin with more abundant financial elements, more high-end functions for opening-up, stronger support for entities, and better development environment will be built in Qingdao WCNA, the plan said.

The plan set such targets as the average annual growth rate of the added value of the financial industry will exceed 8 percent, the number of various financial institutions will reach 400, and the balance of domestic and foreign currency deposits and loans in banks will exceed 800 billion yuan ($123.05 billion).

Qingdao WCNA will strive to introduce and cultivate more than 50 financial institutions and branches of various types by the end of 2025, and increase the fund scale to exceed 130 billion yuan in 2025, creating a highland for venture capital.

Qingdao WCNA will ramp up its financial sector's support for the development of the real economy by providing services for the upgrading of the service industry, as well as the strategic marine strategy, rural vitalization, and private, small and micro enterprises. More support will also be given to help enterprises to go public.

Qingdao WCNA will also focus on green finance－financial activities and investments that help ensure sustainable development, during the construction of the China-EU Environment and Climate Cooperation Demonstration Zone.

Solid steps will be taken to open up Qingdao WCNA's financial sector to the outside world at a higher level. Qingdao WCNA will further promote the construction of the China (Shandong) Pilot Free Trade Zone (FTZ) Qingdao Area, pursue cross-border financial innovation, deepen open cooperation, increase financial support for export-oriented economic development, and build a bulk commodity trading platform with international influence.

To attract foreign financial institutions, Qingdao WCNA will support the establishment of branches of financial institutions from countries involved in the Belt and Road Initiative and Regional Comprehensive Economic Partnership (RCEP) member countries, and provide services for the settlement of foreign financial institutions.