On October 16, 2024, the Qingdao West Coast New Area hosted a business environment promotion event at the Zhongguancun International Innovation Center in Beijing. Over 300 guests, including representatives from more than 200 companies, over 100 investment institutions, and 15 industry associations, gathered for this significant occasion.
The event was themed “Cultivating New Quality Productive Forces for a Shared Development Future.” Its aim was to create a high-level platform for communication and cooperation, attract quality resources from within and outside the industry, explore new collaboration opportunities, and promote industrial upgrades and high-quality economic development in the New Area.
During the event, a signing ceremony highlighted key cooperative projects, resulting in 31 agreements with a total investment of 45 billion yuan. These projects span nine key industries, including biomedicine and medical devices, semiconductors and optoelectronic displays, integrated circuits, automotive, aerospace and marine equipment, high-end chemicals and new materials, renewable energy, film culture, and the new economy.
In addition, the Qingdao West Coast New Area signed cooperation agreements with eight industry associations, including the China Investment Association and the Zhongguancun Science and Technology Entrepreneurs Association. These partnerships aim to leverage the associations as a bridge between government and enterprises to facilitate resource sharing and complementary advantages, driving regional economic prosperity.
The promotion highlighted the New Area’s geographical advantages, functional platforms, specialized parks, key industries, and business environment. Over the past decade, since being approved as the ninth national-level new area in China, the Qingdao West Coast New Area has seen its GDP grow from 212.1 billion yuan to 500.3 billion yuan, ranking third among 19 national-level new areas. It boasts ten functional zones, including the Qingdao Development Zone and the Sino-German Ecological Park, with a focus on major industries that have made strong breakthroughs, such as new chemicals and smart home appliances.
The event also featured a high-tech enterprise exhibition, showcasing more than 100 products from over 20 innovative companies, including BOE Technology Group and Qingdao Zhongjia Special Electric Company. This platform not only highlighted the New Area’s technological innovation capabilities but also provided an opportunity for networking among entrepreneurs, fostering discussions that stimulate innovative ideas and advance high-tech industry development.
“As a professional industrial investment institution, Chuxin Fund has been collaborating with the West Coast New Area since 2017, successfully introducing listed companies like Chengzhi Co., Ltd. and Hanbo High-tech,” said Cui Fangxin, a partner at Chuxin Gongchuang Holdings Group. “We have also attracted several high-potential enterprises. These achievements are inseparable from the support we receive from the New Area, which has a robust industrial foundation and a ‘one-stop’ service that effectively reduces our initial operational costs. We are confident about future development.”
In recent years, the Qingdao West Coast New Area has adhered to a direction of reform that emphasizes marketization, the rule of law, and internationalization. It has taken the lead in establishing an office to optimize the business environment and has launched specific actions for six consecutive years to improve conditions for enterprises throughout their life cycle. This includes integrating the optimization of the business environment, transforming government functions, providing services for enterprise development, and implementing favorable policies. The area has made strides in factors marketization reforms, with innovative measures like “one license for all,” a “5G express lane for project approvals,” and “dual insurance for loans,” positioning itself as a leader nationwide.
“Looking ahead, the New Area will firmly uphold the idea that ‘the business environment is direct competitiveness,’ continuing to strengthen policy support and talent guarantees,” said Qu Yanyang, deputy director of the Qingdao West Coast New Area Management Committee. “We aim to achieve breakthroughs in future industries such as biomedicine, artificial intelligence, and aerospace. We also look forward to more entrepreneurs becoming city partners with us in cultivating new quality productive forces and sharing a prosperous future.”
