Qingdao, a coastal city of Shandong Province, has been approved as one of China's first key experimental cities of technological finance, according to the Municipal Science and Technology Commission.

Financial institutions such as the Bank of Qingdao, China Development Bank and China Gaoxin Investment Group Corp, have signed an agreement on financial strategies and took out 15 billion yuan (US$ 2.382 billion) for the scientific and technological development of Qingdao.

The commission will give priority to the investment and financing of incubators and R&D platforms development, investment and financing for the development of technology-based small and medium-sized enterprises, state-owned property management and safeguarding of the financial input in the science and technology sector.