The Qingdao International Shipping Insurance Operation Service Center was unveiled on June 6, marking a major landmark in Qingdao's efforts to build the largest port and shipping insurance market in northern China, according to local officials.

The center will also help expand the resources integration advantage of Shandong International Aviation Exchange, as well as integrate port resources in Shandong province.

Officials announce the official opening of Qingdao International Shipping Insurance Operation Service Center on June 6. [Photo provided to chinadaily.com.cn]

Shipping insurance policies at the municipal and district levels in Qingdao, as well as a plan to create a unified insurance market in Shibei district, were released during the opening ceremony.

"Qingdao is a port city that thrives on the sea. Qingdao's long history of shipping has bred an open and inclusive city gene and endowed Qingdao with innate advantages to build a modern international shipping, trade, and financial innovation center, as an important central city along China's coast and an international port city," Vice-mayor Geng Tao of Qingdao said at the launch ceremony.

According to Geng, Qingdao has made significant efforts in recent years to promote shipping insurance, ship leasing, maritime arbitration, and other industries, and the extent of the shipping service industry has continued to grow.

Qingdao Port [Photo/VCG]

The annual market scale of shipping insurance premiums in Qingdao has exceeded more than 4 billion yuan ($599.6 million), with huge market potential.

As the main battlefield of reform and opening-up in the financial field, Qingdao has gathered many insurance institutions. The implementation of the two-level shipping insurance policies will effectively promote the development of Qingdao's shipping insurance industry and help Qingdao to build itself into an international shipping hub center in Northeast Asia and an innovation center of international shipping trade and finance, Geng said.