QINGDAO - A financial pilot zone for wealth management in the city of Qingdao, Shandong province has been approved by eleven ministries and commissions, including the National Development and Reform Commission, the city's government announced Thursday.

The move is aimed at adapting to booming wealth management demand and encouraging innovation in the financial system, according to a statement from the Qingdao government.

According to the statement, the zone will encourage establishment of diversified wealth management organizations and participation of private capital in order to build a professional wealth management market in the city.

The zone will encourage innovation in the industry and in supervision, it said.

The government will strengthen risk control in protecting investors' rights and interests, enhance international cooperation and pay attention to talent cultivation.