Qingdao Enhances Its Image As An International Wealth Management Center

QINGDAO, China, July 6, 2019 /PRNewswire/ -- 2019 Qingdao - China Wealth Forum, co-organized by the Information Office of Qingdao Government, was held at the Shangri-La Hotel, Qingdao from July 6 to July 7. The forum, now in its fifth edition, is an important high-level event both in and outside of China. Event participants conducted in-depth discussions focused on enhancing the city's appeal as wealth management destination and gave presentations on decisions made during the transition of Qingdao into a financial center.

With a naturally strategic location along the southern side of the Shandong peninsula, facing the Yellow Sea and the Pacific Ocean, Qingdao is one of China's first seaports that was opened to trade with the outside word and now one of the country's key coastal cities as well as a seaside city well-known for its tourist attractions, an international harbor and one of the country's most renowned locales due to its rich history and culture. In addition, Qingdao is also home to the financial comprehensive reform pilot zone focused on wealth management established by the Chinese government. As an emerging financial center, the city ranks 29th on the Global Financial Centers list. Qingdao has differentiated itself from other Chinese coastal metropolises by making great strides toward the transition into a financial center alongside continuing its appeal as an emerging destination of choice for wealth management.

A number of trial projects and other forms of experimentation were implemented in Qingdao, including qualified foreign limited partners (QFLPs), expanded centralized management of foreign funds by multinationals, establishment of full license joint-venture securities firms, among other innovative trial policies, as well as the country's pilot service of lending yuan-denominated money from South Korean banks. A Qingdao-based company became the country's first to trade on the China Europe International Exchange (CEINEX). Experience and successful practices as a result of these revolutionary and innovative trials have been replicated across China.

Qinghao has also rolled out some ambitious and compelling policies and measures for attracting financial institutions and talent in support of the country's pilot policies. Financial facilities and support offices covering some 7.5 million square meters have been completed and gone operational in Qingdao Jinjialing Financial City, a planned 23.7-square-kilometer zone, which is now home to over 800 financial companies. The 2019 China (Qingdao) Venture Capital Conference was successfully held in the city in May, when Qingdao issued some of its most favorable policies with the aim of promoting its appeal as a destination for startups and venture capital firms from all over the world.

In terms of resource aggregation, China's first wholly foreign-owned wealth management firm as well as first specialized banking custodians, among other wealth management organizations, have emerged in Qingdao. To date, 34 foreign-owned financial institutions, including Deutsche Bank and DBS Bank, have established facilities and offices in the city. Additionally, the partnership with the Chartered Institute for Securities & Investment has achieved significant results in training quality talent with international experience.

As for collaboration and exchanges, Qingdao has signed memorandums of understanding leading to a strategic partnership with the head offices of 25 financial institutions and is engaged in discussions with the head offices of over an additional 100 such firms, in addition to, in terms of wealth management, continuing the deepening of its relationship with key members of the financial communities in the UK, Singapore and Switzerland, among other developed markets. The city is also holding a large number of events focused on wealth management in the form of forums, seminars and expos.

Source: Information Office of Qingdao Government