The two-day 2021 Qingdao Global Venture Capital Conference opened in the eastern coastal city of Qingdao, Shandong province on May 7.

The 2021 Qingdao Global Venture Capital Conference opens on May 7 in Qingdao, Shandong province. [Photo provided to chinadaily.com.cn]

Supported by the Asset Management Association of China and the Qingdao municipal people's government, the annual event has gathered more than 100 distinguished experts, scholars, entrepreneurs, as well as representatives of financial institutions to discuss the opportunities and development trends of capital.

"Finance is the core of the modern economy. Shandong has made great efforts to deepen the supply-side structural reform in this sector, enhance the ability of finance to serve the real economy, as well as resolutely fight the battle of preventing and defusing financial risks," said Wang Xinfu, vice governor of Shandong province, in his speech.

Wang said that venture capital is the core link to promote the integration of innovative industries and financial resources, with Shandong attaching great importance to the development of venture capital and the equity investment fund industry.

He expressed hope that all the experts and guests present at the conference will share their insights, as well as provide solutions for Shandong's innovation and development in financial reform.

Hu Jiafu, vice president of the Asset Management Association of China, praised Qingdao in his speech.

"In recent years, Qingdao has made remarkable achievements in building a venture capital center, a city of entrepreneurship, and a capital of industrial internet," said Hu.

"As an experimental area for China's comprehensive reform of wealth management and finance, Qingdao has always been at the forefront in developing and reforming its financial industry. We believe that Qingdao, with its advanced concepts and market advantages, will surely lead the new trend of innovation and entrepreneurship in venture capital funds," he added.

Jiang Xiaojuan, head of the School of Public Policy and Management at Tsinghua University, gives a keynote speech. [Photo provided to chinadaily.com.cn]

Jiang Xiaojuan, head of the School of Public Policy and Management at Tsinghua University, gave a keynote speech titled External Circulation at a Higher Level Enabling New Development Pattern.

In her speech, Jiang noted that China's new development pattern paradigm is in line with the country's national conditions, the law of development, and the circumstances of the times, which will become a new long-term national strategy.

The new development paradigm centers on dual circulation, in which domestic and overseas markets reinforce each other, with the domestic market as the mainstay.

Jiang added that a higher level of external circulation can promote the healthy formation, efficient operation, and sustainable development of the new development pattern.

"Therefore, we should continue to promote a higher level of opening-up," said Jiang.

The conference also displayed the achievements of the 10th anniversary of the Qingdao Municipal Government Guide Fund, inaugurated the public platform of venture capital and Qingdao Innovation Investment Co, as well as saw the signing of agreements on 28 key projects, worth 61.69 billion yuan ($9.59 billion).

Agreements on a total of 28 key projects, worth 61.69 billion yuan, are signed at the opening ceremony of the conference. [Photo provided to chinadaily.com.cn]

Source：CHINA DAILY-Charming Qingdao