Eighty-seven projects worth over 62 billion yuan ($8.60 billion) in investments settled in Shinan district in Qingdao, Shandong province, in the second quarter of this year.

Five of these projects are worth over 2 billion yuan each.

During the same period, seven companies in the district were recognized as "gazelles" - start-ups worth over $500 million that are likely to have a valuation of $1 billion within three years. Meanwhile, the revenue of core industries in the district’s digital economy increased by 33 percent in Q2.

The local government has revitalized 50,000 square meters of underutilized land and created space for emerging industries. New projects like the Jinhu Road Science and Technology Innovation Valley were constructed in the second quarter.

Qingdao Mincheng Dexin Technology Co Ltd, a cutting-edge domestic high-tech company, set up operations in the Metaverse Industrial Innovation Park in Shinan district in May. The company serves as a content supplier for the well-known domestic enterprise Alibaba and is dedicated to the digital economy.

Fifteen new policies were implemented by the Shinan government to support companies, and 20 existing policies were enhanced to foster local economic development in Q2.

A series of activities, including a bank-enterprise docking symposium, a global venture capital conference, and credit policy presentations, were conducted during this period. As a result, 24 companies in the district were able to secure financing totaling over 4 billion yuan.