Technology, finance companies settle and thrive in Qingdao's Laoshan

Laoshan district in Qingdao, East China's Shandong province, is making strides in developing its industries of science, technology and finance.

Taking innovation as the driving force of its high-quality development, Laoshan has ramped up its efforts to promote innovative achievements and the development of local science and technology companies, according to the local government.

The district has rolled out a total of 11 support and incentive policies to help introduce more professionals into the field of science and technology.

As for the newly introduced national and provincial-level professionals, Laoshan will grant subsidies of 2 million yuan ($305,000) and 1 million yuan, respectively.

The companies or institutions that cultivate any national and provincial-level professionals will be awarded 500,000 yuan and 200,000 yuan, respectively.

So far, the district has attracted 45 academicians, 78 national-level professionals and 221 high-level scholars and industry leading experts.

In 2019, Laoshan reached a technology trading volume of 4.03 billion yuan, ranking first in Qingdao.

With efforts made in improving its business environment and support services, Laoshan has helped the development of an array of technology companies.

"Laoshan district provides all-around support from listing services and financial support to engineering construction. We are very glad to settle in the district," said a senior executive at NovelBeam Technology, a high-tech medical imaging equipment supplier based in Laoshan.

Taking Qingdao's formation of a global hub of the industrial internet as an opportunity, Laoshan has guided 683 companies to register in COSMOPlat, an industrial internet platform developed by household appliance manufacturer Haier.

Meanwhile, the district encourages local universities, research institutions and companies to strengthen their research and development in the field of household appliances, electric vehicle charging, cold-chain logistics and high-end tires.

A raft of industrial internet enterprises have been established in the district, including charging network operator TELD.

The district has also set up an artificial intelligence innovation application demonstration center, involving 36 AI companies.

Now, increasingly more innovative enterprises have settled in Laoshan, injecting new momentum into the district's high-quality development.

Data from the local government show that in the third quarter of this year, the added value of science and innovation industries accounted for nearly one-third of the district's GDP, boosting local GDP growth by 0.8 percentage points.

Besides the technology industry, the district has forged another pillar－the financial industry.

Combing its advantages in the technology industry, Laoshan is committed to promoting the integrated development of the technology and financial industries.

By the end of October, the number of financial technology companies had reached 40 in the district.

Focusing on strategic emerging industries, the district is committed to helping local high-tech enterprise get listed.

Currently, the district has 12 listed companies. The number is expected to reach around 30 by 2025.

In 2019, Laoshan's financial sector achieved an added value of 14.72 billion yuan. It accounted for 18 percent of the district's GDP and was up 18 percent year-on-year.

In the first half of 2020, the added value of the financial industry reached 8.54 billion yuan in Laoshan, up 13.1 percent from the same period last year.