By the end of the first quarter of this year, the number of private funds registered in Qingdao exceeded 600, according to data released by the Asset Management Association of China.

Official data showed that as of the end of March, there were 292 private equity fund managers in Qingdao, a net increase of four from the previous month and a year-on-year growth of 21.67 percent.

There were 602 registered private funds in Qingdao, 22 more than last month, with funds under management totaling 89.14 billion yuan ($12.53 billion), an increase of 4.54 billion yuan over the previous month and a year-on-year growth of 32.18 percent.

Qingdao has launched a slew of measures and policies to accelerate its development of venture capital investments and its emergence as a global VC center.

The city has been promoting the gathering and development of VC institutions, boosting connections between VC institutions and the real economy, leveraging the role of government in guiding funding and investment, encouraging state-owned enterprises' participation in the VC industry and expanding VC fund raising and exit channels.

The Global (Qingdao) Venture Capital Center [Photo/WeChat account: qdfbwx]