Tsingtao Brewery's century of history and worldwide reputation are the backbone of the Qingdao International Beer Festival.

Though the old-fashioned spelling Tsingtao differs from the present-day rendering Qingdao, the beer is sometimes a much more recognized icon than the city itself.

"The brand of the beer has already infiltrated into the blood of Qingdao residents. Many tourists know of Qingdao because of its beer. What's behind the beer is the vibrant culture and rich history that grows along with the city," Tsingtao Beer Chairman Sun Mingbo said.

Founded in 1903 as a joint venture by German and British settlers, the Tsingtao Beer brand is now valued at more than 63 billion yuan ($9.9 billion), the top among Chinese brewers, and big enough to join the ranks of the Fortune 500.

It is now sold in more than 70 countries and regions around the world, and ranks sixth globally in production, according to the Barth Report, an authoritative beer industry compilation.

Sun said that Tsingtao Beer's next goal in the not too distant future is to produce 10 million kiloliters yearly through mergers and acquisitions and expanded local output, while ramping up innovation and enhancing product quality.

"We will continue to implement our three-in-one marketing strategy to boost market share through brand communication, product sales and consumer experience. Internally, we will strengthen quality control and stress on innovation in technology and business models," said Sun.