Economic function zones are an important engine driving high-quality development. Qingdao International Economic Cooperation Zone has released its first quarter economic results recently. The Zone has got off to a good start with both the industrial output and the tax revenue increasing.

Investment in fixed assets reached 2.22 billion yuan in Q1; industrial economy remained rapid growth with industrial output generated by enterprises each with turnover over 20 million yuan per annum reached 1.73 billion yuan, increasing by 54%; key service companies witnessed 29% growth in business revenue; tax revenue is expected to reach 180 million yuan, up 50.0% year on year.

It is learned that QIECZ hit the mark in all categories in 2019. Tax revenue reached 650 million yuan, up 103% year on year and kept doubling on a consecutive basis. In face of the COVID-19 epidemic in Q1, QIECZ worked hard to turn the challenge into opportunity. While ensuring effective epidemic control, the Zone have made active efforts to resume work and production. Via online investment promotion, online meeting, cloud signing, etc., ten projects with a total investment of over 100 million yuan have been signed or registered. At the 2020 QIECZ “High-end Equipment + Next Generation IT” Key Project Cloud Signing Ceremony held on March 18, ten projects with a total investment of 5.15 billion yuan were signed.