Laoshan fuels real economy with innovation

Laoshan district pursues a high-quality development model. [Photo provided to chinadaily.com.cn]

Since the beginning of this year, Laoshan district in Qingdao, Shandong province has continued to promote the high-quality development of its real economy with an innovation-driven strategy.

Official data showed that in the first half of 2022, the gross domestic product of Laoshan increased by 5.2 percent, ranking first in Qingdao. Investment in fixed assets grew by 23.1 percent, ranking first in the city, while the district's industrial added value increased by 14.8 percent, also ranking first in the city.

Laoshan is home to about 40 microelectronics enterprises and research platforms. It has gathered about 70 percent of the country's research force in the virtual reality (VR) industry. The district has been ramping up efforts to build itself into the capital of China's VR industry.

The Microelectronics Industrial Park in Laoshan will be put into operation this year. The VR Industrial Park started construction this year and will be put into use by the end of September 2023. The two parks will gather more force for local VR industry development, said Laoshan district officials.

The international innovation park in Laoshan district of Qingdao is home to a slew of high-tech businesses. [Photo provided to chinadaily.com.cn]

Shandong's first artificial intelligence computing center has opened in Laoshan. The center will be an important milestone in Qingdao's technological innovation and digital economy development, said industry experts.

Laoshan has launched a slew of measures covering talent recruitment, sci-tech innovation, professional park construction, and project introduction to support the development of the "Four New Economies", which include new technology, new business patterns, new development modes, and new industries.