Qingdao, Shandong province. [Photo provided to chinadaily.com.cn]

In the eastern coastal city of Qingdao, Shandong province, the modern commerce and trade industry has experienced significant growth since the start of the year.

In the first quarter, wholesale and retail trade contributed nearly two percentage points to the city's GDP growth of 4.8 percent, becoming an important engine to promote the city's economic growth.

According to the Qingdao municipal bureau of commerce, 13 projects related to the modern commerce and trade industry were signed in the city from January to May, involving a total investment of about 35.9 billion yuan ($4.97 billion).

Local officials have been ramping up efforts to promote investment, improve consumption supply, boost commercial formats, and promote the high-quality development of modern commerce and trade industry chains.

To promote business, a dedicated team has been formed and has visited prominent industrial companies in Beijing, Shanghai, Xiamen, Shenzhen, and other major cities to foster and facilitate cooperation. Thanks to their efforts, the Qingdao branch of Deloitte, a global auditing company, has been set up in the city.

The city's overseas business centers are also working hard to promote project matchmaking in Japan, South Korea, Germany, Britain, and other places.

The Qingdao municipal bureau of commerce has also issued an action plan to promote this year's modern commerce and trade industry investment. Centering on circulation, hotel industry, catering, international trade, supply chain service, and service trade, the city is set to carry out specific investment promotion activities with a hundred leading industrial companies.