With an increasingly favorable financial environment, Qingdao in Shandong province has huge potential to develop the wealth management sector, according to a survey report released at the China Wealth Forum 2018 on Sunday.

The survey, conducted by the School of Finance at Renmin University of China, aims to provide an objective picture of China's wealth management sector.

Following Shanghai, Beijing, Shenzhen and Guangzhou, Qingdao ranks fifth among the 19 involved cities on the "composite index of wealth management", the highest among second-tier Chinese cities.

The report predicts that Qingdao's wealth management will display strong momentum as the costal city has included boosting the sector as one of its development strategies.

Qingdao was designated as China's only financial pilot zone for wealth management in 2014. It ranks 33rd in the "Global Financial Centers Index" list published this March. 

Sun Jiye, vice governor of Shandong province, said at the opening of the forum on Saturday that more than 60 innovative pilot policies have been implemented in Qingdao over the past four years.

The China Wealth Forum has been held in Qingdao for five consecutive years. With the theme, "Exploring New Models of Openness and Regulation," this year's forum provides a platform for in-depth discussions on topics ranging from globalization to the opening-up of China's financial markets.

The two-day event was hosted by Qingdao municipal government and organized by Caijing Magazine and its affiliated Caijing Think Tank.

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