The coastline of Qingdao West Coast New Area in Qingdao. [Photo/VCG]

Qingdao West Coast New Area (Qingdao WCNA) in Qingdao, Shandong province has achieved great success in attracting international investment by demonstrating its dedication to economic development.

Qingdao WCNA has persistently enhanced its business climate to attract foreign capital, streamlining processes to allow investors to more easily establish businesses. Furthermore, the region has leveraged various strategies, including economic and trade initiatives, to attract foreign investment.

The secrets of Qingdao WCNA's success lie in its complete industrial base, abundant innovation resources and top-tier business climate.

With its specialized industrial parks, the area has excelled in cultivating new quality productive forces. For example, enterprises here have made breakthroughs in industries such as smart appliances, integrated circuits and modern finance.

Backed by innovation resources, enterprises in this new area have delved into cutting-edge technologies, depending on 88 national platforms and 870,000 talents for innovation. Meanwhile, the local government has continuously simplified procedures for project approval to ease enterprises' burdens. To enhance communication, it has organized discussions inviting over 100 foreign enterprises.

Qingdao WCNA has also focused on high-quality openness and preferential policies meant to optimize its business climate in an effort to maintain its competitiveness.

In addition, it has offered safeguards to help foreign enterprises explore domestic and international markets, with liberal investment, convenient trade and global finance under the framework of openness. It has also continued to extend the terms for international capital to enter the domestic market, ensuring fair competition for all companies.