A conference on promoting the high-quality development of the service industry was held on Feb 20 in Qingdao, Shandong province.

According to the conference, eyeing the development of the modern service industry, Qingdao will focus on key sectors such as modern finance, modern logistics, technology services, software and information services, and cultural tourism, continuously strengthening these areas.

Ten new policies meant to promote the high-quality development of the service industry in Qingdao were released at the conference. They include content such as supporting key projects in the service industry, fostering the development and growth of platform enterprises, nurturing leading enterprises in productive service industries, and encouraging pilot demonstrations of industry integration.

The municipal finance bureau of Qingdao will allocate an additional 50 million yuan ($6.96 million) to ensure the implementation of the new policies.

A list of 41 "leading enterprises" in the modern service industry was also released at the conference, demonstrating the city's determination and confidence in consolidating and strengthening the modern service industry.

In recent years, Qingdao has been bolstering efforts to develop its modern service industry. In 2023, the city achieved an added value of 999.2 billion yuan in the service industry, a year-on-year increase of 6.1 percent, driving economic growth by 3.9 percentage points. The service industry now accounts for a record 63.4 percent of the city's GDP.

In the new year, Qingdao aims to further bolster the development of the service industry.