Qingdao becomes hotspot for investment

The eastern coastal city of Qingdao has become a hotspot for investment, local officials said.

According to statistics from the Qingdao municipal bureau of commerce, in the first quarter of the year, the city's actual use of foreign capital hit 10.14 billion yuan ($1.43 billion), an increase of 0.3 percent year on year, accounting for 46 percent of the total in Shandong province and 4.6 percent of that of the entire country.

During the period, the actual utilization of domestic capital in the city was 37.24 billion yuan, the same as last year.

In February and March, Qingdao signed 429 projects through online channels amid the COVID-19 pandemic, which involved a total investment of 559.15 billion yuan.

In a bid to boost cooperation, stabilize the economy and foster high-quality development, Qingdao has been operating a multilingual 24-hour service hotline for foreign investors and enterprises since the early stages of the epidemic.

Qingdao has also adopted innovative practices such as online business negotiations and project signing to facilitate businesses and investment.

In the first quarter of this year, advanced manufacturing and high-tech projects accounted for 50.4 percent of large-scale projects with a contract value exceeding 500 million yuan.

There were 23 new-generation information technology projects, with a total investment of 56.51 billion yuan; 18 high-end equipment projects with a total investment of 23.5 billion yuan; 14 new energy and new materials projects with a total investment of 14.13 billion yuan and two smart ocean projects with a total investment of 3.52 billion yuan.

These projects will boost the city's economic growth and structural improvement, said local officials.

National strategies such as local economic and trade cooperation between China and the SCO, the Qingdao Area of the China (Shandong) Pilot Free Trade Zone, and the Belt and Road Initiative have also brought policy benefits and important opportunities for Qingdao, officials said.