Financial sector set to drive city to regional hub

In June, Haier Group, a leading maker of home appliances headquartered in Qingdao, Shandong province, completed the purchase of GE Appliances for $5.58 billion. Sixty percent of the purchasing fund was backed by China Development Bank's Qingdao Branch.

The deal highlights the increasing strength of Qingdao's financial sector as the city moves full steam toward its goal of becoming a significant wealth management hub.

In February 2014, the city was approved by the State Council, China's cabinet, to build the Qingdao Wealth Management Financial Comprehensive Reform Pilot Zone.