THE financial industry has been identified as key to the city’s development of the modern service industry in the future.

    Compared with similarly sized cities, Qingdao has fewer financial organizations and slower development speed, so the city plans to focus on developing corporate financial organizations this year, including supporting Qingdao’s banks to increase its capital and stock, and seek trans-regional development.

    The city will also introduce more foreign-owned financial institutions, national commercial banks, local commercial banks from other cities, headquarters of financial organizations and their research and development centers and service centers. Since the end of last year, three banks have been approved to open this year.

    Meanwhile, the city will establish a blue economy development fund, incubating a batch of non-bank financial institutions, such as financial lease, consumer financing and fund companies. Village banks and small-loan companies will also be promoted this year.

    Construction on several financial areas in the city will also be sped up or upgraded this year. (Wang Yuanyuan, Fu Jun)