Shandong provincial government announced a guideline to improve financial reforms within five years.

"By the end of 2017, the added value of the Shandong financial sector hopes to exceed 5.5 percent of GDP and be more than 12 percent of the output value of the service industry," the guideline said.

The province plans to build a modern market-oriented financial system that can match the development of the "real economy", according to the guideline.

The guideline also stressed the importance of closer ties to financial markets.

Local government should encourage more enterprises to go public and conduct strategic mergers and acquisitions, it said.

A financial center in Jinan and a wealth management center in Qingdao are expected to be built.

Analysts have been expecting more financial reforms to take place in Shandong, after Guo Shuqing, former chairman of China Securities Regulatory Commission, became governor in June.