The Qingdao municipal government of east China’s Shandong province and China CITIC Bank Corp Ltd will cooperate in constructing a modern financial services system and building a wealth management comprehensive financial reform pilot zone, according to a strategic cooperation agreement signed by the two sides on April 7.

Before signing the deal, Li Qun, secretary of CPC Qingdao Committee, and Zhang Xinqi, mayor of Qingdao, met with the visiting group headed by Chang Zhenming, chairman of CITIC Group, and Zhu Xiaohuang, China CITIC Bank’s president.

Li Qun expressed his thanks for CITIC Group’s consistent support for Qingdao’s economic and social development.

Qingdao, an important regional economic hub in northern China, has maintained a sound momentum in its economic and social development in recent years, Li said.

The city has been changing its development mode and readjusting its industrial structure, he said, adding that the city’s modern service sector is making significant progress.

Li said Qingdao is speeding up the establishment of a modern financial services system, and is making proactive efforts in forging a wealth management comprehensive financial reform pilot zone. He encouraged CITIC Group to continue to take an active part in Qingdao’s development and promised that the municipal government will further improve its services and optimize the city’s investment environment.