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Peninsula Omnimedia reporter Zhang Linsheng

Ten years ago, Jinjialing was still an "urban-rural junction" with unclear functional positioning and insufficient development and utilization. Ten years later, it has undergone a transformation and has become Qingdao's most prestigious high-end financial business district with tall buildings and busy traffic. Over the past ten years, the Jinjialing Financial Cluster has seized the opportunity of the pilot project, explored innovative paths, and created a new model for high-quality financial development with Chinese characteristics. It has formed three core competitive advantages in wealth management, venture capital and digital finance, and has become the third largest financial cluster in China with an independent management committee after Beijing Financial Street and Shanghai Lujiazui.

Looking back over the past ten years, from nothing to something

Rise of a modern financial eco-city

More than a decade ago, just as Qingdao's economy was in urgent need of finding new growth points, Qingdao's financial industry also needed to break through bottlenecks and expand new physical space. The proposal of the "Jinjialing Financial New District" plan laid the foundation for the prototype of the future financial cluster. In 2014, with the approval of the Shandong Provincial Party Committee and the Provincial Government, Qingdao Jinjialing Financial District came into being, marking a new chapter in the development of Qingdao's financial industry.

After ten years of hard work, Jinjialing Financial Cluster has taken a new path of wealth management characteristics, and a modern financial city has sprung up. According to statistics, Jinjialing Financial Cluster has put into use a total of 10 million square meters of financial buildings and supporting areas, including 40 buildings with tax revenues exceeding 100 million yuan and 7 buildings with tax revenues exceeding 1 billion yuan. More than 70 commercial buildings such as Shanghai Real Estate Center, Guosen Financial Center, and Xiexin Center are shining, outlining the city's excellent skyline and interpreting the vertical rise of this hot land. In 2023, Jinjialing Financial Cluster will achieve a financial industry added value of 22.644 billion yuan, financial industry tax revenue of 13.816 billion yuan, and an average comprehensive tax revenue of 5 million yuan per mu.

A perfect ecological environment is an inexhaustible driving force for regional sustainable development. From the very beginning, Jinjialing Financial Cluster has adhered to the ecological concept and focused on cultivating a "tropical rainforest" with the financial industry as the main body and multiple industries coexisting harmoniously. At present, Jinjialing Financial Cluster has gathered 1,300 financial and quasi-financial enterprises, which is six times that of ten years ago, covering 24 types of financial formats; 7 professional financial research institutions, more than 200 service institutions such as accounting firms and law firms, and 15,000 financial practitioners. It has gradually developed into a financial core area with concentrated institutions, rich formats and complete ecology.

Seize opportunities and explore innovation

Create many "firsts in China"

Looking at the major financial cities in the world, each has its own distinctive characteristics. Ten years ago, Qingdao seized the opportunity of the industry and took the lead in proposing the concept of "wealth management" in China. It actively made suggestions to the national financial regulatory authorities, separated the wealth management business from the main business of banks, established professional wealth management companies for independent operation, and emerging financial formats such as bank wealth management subsidiaries and family offices were "born" one after another. Since 2019, three wealth management subsidiaries, Everbright Wealth Management, Qingdao Bank Wealth Management, and Hengfeng Wealth Management, have settled in the Jinjialing Financial Cluster, laying the foundation for the pillar status of the core area of ​​wealth management in Shandong Province. The number of wealth management subsidiaries in Qingdao's banking industry ranks third in the country, tied with Shenzhen, and the scale of product management has reached 1.64 trillion, ranking fifth in the country; three family offices have settled in, and Lujiazui Trust has increased its capital to 10 billion and entered the "Top Ten in the Country". Wealth management has changed from "unpopular" to "hot", which has become a distinctive feature of Qingdao's financial industry.

Innovation is the first driving force for development. The ten-year development process of Jinjialing Financial Cluster is also a ten-year exploration process of reform and innovation. Innovation has enabled Jinjialing Financial Cluster to take the lead in the high-quality development echelon. Over the past ten years, Jinjialing Financial Cluster has taken the lead in business trials, making full use of the "one report for one matter" policy channel, striving for national ministries and commissions to carry out institutional pilots and business trials in Qingdao, and creating many "firsts in China": the Municipal Asset Management Company is the first asset management company approved in the sub-provincial cities and cities with independent planning status in China; it has carried out pilot projects such as national financial technology applications, settled more than 70 financial technology companies such as Liandong Advantage, and built Qingdao Digital Finance Pilot Zone; the country's first "delayed deduction" model digital RMB network-free and electricity-free payment application was launched on the Qingdao rail transit network, and the digital RMB pilot was at the forefront of the country; actively promoted financial institutions to play the role of the main body of reform and innovation, and formed 41 innovative achievements with "first batch" and "first" demonstration effects, represented by Everbright Wealth Management's expansion of the pilot of pension wealth management products.

Policy support, looking forward to the future

Contribute to "Jinjialing Practice"

The accelerated gathering of financial resources is inseparable from genuine policy benefits. Drawing on the experience of advanced regions, Qingdao City and Jinjialing Financial Cluster have successively introduced a series of support policies such as high-quality financial development with wealth management characteristics, the construction of an international shipping trade and financial center, venture capital, corporate listing, and financial talent certification awards. They have implemented a number of convenient measures for the implementation of policies such as "no application and immediate enjoyment", creating a strong policy depression in China, attracting high-quality financial institutions, and gradually forming three core competitive advantages in wealth management, venture capital, and digital finance. Over the past ten years, the number of licensed financial institutions in Jinjialing Financial Cluster has increased from 45 to 387; among them, large legal person financial institutions have increased from 2 to 23, accounting for 60% of the city. Venture capital and venture capital have entered an "explosive period", with more than 800 institutions and a total fund size of nearly 100 billion yuan, 15 listed companies, and a market value of domestic listed companies of about 300 billion yuan, all of which are among the best in the province.

Looking ahead to the next ten years, the Jinjialing Financial Cluster will actively undertake the country's new round of financial reform and innovation pilot tasks, focus on building a financial reform and innovation leading area, a comprehensive resource aggregation area, a wealth management demonstration area, a service entity integration area and a stable development security area, further enhance the development level, strive to create a demonstration model of high-quality financial development, and contribute the "Jinjialing Practice" to the path of financial development with Chinese characteristics.