To accelerate the construction of a new high-quality and efficient system in the service sector, Qingdao recently launched a three-year action plan, according to which Qingdao will cultivate new growth poles in the top 10 sub-sectors, and strive to generate up to RMB1.1tln in the value added of the service sector, comprising around 60% of GDP.

According to the plan, Qingdao will make coordinated efforts in the top 10 sub-sectors, namely modern finance, modern logistics, modern commerce and trade, software and information services, technology services, MICE, commercial services, human resource services, testing, inspection and certification, and cultural tourism to optimize and upgrade the structure of the service sector. In regard to modern finance, Qingdao will be committed to building an international wealth management center, a global venture capital center and a future fintech center, and strive to generate RMB110bln in the value added of the financial sector.

In addition, targets in respect of digitization, integration, pursuit of good quality, green development and internationalization have been made. In regard to seeking international presence, the goal has been put forward that by 2025, imports and exports in service trade will amount to RMB180bln, and an amount of USD20bln will be executed in service outsourcing, increasing by more than 15%.  (Yang Guang)

The Global (Qingdao) Venture Capital Center.