Qingdao aims to achieve economic growth despite epidemic

Qingdao authorities have been ramping up efforts to boost the city's pillar industries amid the epidemic, looking to new technological trends on the internet, new energy vehicles, healthcare, and its port economy to maintain growth amid the outbreak of the novel coronavirus.

The Qingdao municipal government has launched various policies and measures to help local enterprises resume production and facilitate cooperation and investment in a bid to ensure economic and social development while strengthening epidemic control and prevention efforts.

The coastal city launched 18 new policies on Feb 3 focusing on recruitment, tax breaks and financial support for small and medium-sized enterprises looking to resume production.

Since then, Qingdao has introduced more than 130 measures to help enterprises resume production and reduce operating costs.

A grid service management system was also established to help local enterprises resume operations and resolve issues such as labor shortages, logistical problems, and supply shortages.

The city also opened a multilingual 24-hour service hotline for foreign investors and enterprises in a bid to boost cooperation.

On March 3, a meeting was held to underline the need to carry out epidemic control efforts while take measures to achieve the city's economic and social development goals this year.

"The epidemic has impacted economic and social development in the short term, but it has also forced the transformation of new technologies and new development trends. Qingdao should plan ahead, seek new opportunities amid the crisis, and promote the development of emerging industries," said Wang Qingxian, Party secretary of Qingdao.

The city is integrating local resources as it seeks to become the world's industrial internet capital, relying largely on its competitive manufacturing industry.

Local authorities will formulate special policies to encourage various industrial internet platforms to increase their usefulness in Qingdao, and help enterprises acquire cutting-edge technology, capital, talents and more to integrate into the development of industrial internet in the information age.

"A major crisis is sure to bring about major changes. China will implement a more proactive fiscal policy and a more flexible monetary policy and accelerate the development of new types of infrastructure such as 5G, big data, artificial intelligence, and industrial internet," said Wang.

After the COVID-19 outbreak, the healthcare industry will no doubt enter a burgeoning development phase.

On March 16, Qingdao commissioned Xiuzheng Pharmaceutical Group and other large pharmaceutical enterprises and academician teams to work on plans to build a world-class biological medicine and healthcare cluster in the Qingdao West Coast New Area.