Qingdao, the largest city in Shandong province, ranked ninth on the list of China's best cities for business in 2015, according to Forbes China. It was the city's first time to be selected as one of the top 10 best business cities, reported the Qingdao Evening News.

Qingdao improved in industrial restructuring, consumption and private economy in 2014, said Forbes China's appraisal.

In 2014, Qingdao adjusted its industrial structure and witnessed an increase of 8 percent in gross regional domestic product over 2013. The added value of the strategic emerging industry rose 20.5 percent.

Meanwhile, operating costs declined, and the local per-capita disposable income and consumption grew by 8.7 percent and 8.8 percent, respectively, driving the indices of power of consumption and private economy to rise markedly.

More importantly, the ocean-based "Blue Silicon Valley", enhanced the city's innovation ability.

A business city is judged by Forbes China on the basis of eight indices, including talent, city scale, consumption, passenger and freight transportation, operating costs, capital vigor and innovation. One hundred cities are shortlisted for the annual ranking.

This year, Guangzhou was named the best place to do business in China for a third consecutive year. Shanghai came in at No 2, followed by Shenzhen, Beijing, Hangzhou, Nanjing, Ningbo, Wuxi, Qingdao and Chengdu.