Strong Economic Foundation

Source: 01-06-2023 14:50:00

Economic restructuring paves the way for high-quality development. Gross regional product continues to exceed the thresholds of 1 trillion yuan and 5 trillion yuan, reaching 8.7 trillion yuan in 2022, with an average annual growth rate of about 5.4%. General public budget revenue reaches 710.4 billion yuan. Total food production has been stable for nine consecutive years at more than 50 billion kg, and the total agricultural output value has been the first in the country to exceed 1 trillion yuan. The average annual growth of industrial added value above the designated size is about 5.2%. The scale of imports and exports exceeded 3 trillion yuan, and the actual use of foreign capital nearly doubled. The total volume of the marine economy is the second largest in China, and the throughput of coastal ports has leaped to the first place. There are more than 14 million market entities, four new Fortune 500 enterprises, and the number of high-quality enterprises such as specialized and sophisticated enterprises (little giants) and single champion enterprises remains at the forefront of the country. Shandong's economy has improved its quality and efficiency, and is on the track of high-quality development.

The effectiveness of rural revitalization has been significantly enhanced. Shandong has achieved important milestones in creating a Shandong model for rural revitalization and continuously enhancing its comprehensive agricultural competitive edges. It created six national advantageous and characteristic industrial clusters such as wheat along the Yellow River and beef cattle along the Yellow River. Wheat cultivars such as "Jimai", "Qihuang" and "Denghai" have repeatedly set new national high yield records. The whole territory of Shandong completed the pilot reform of the rural collective property rights system. The number of new agricultural business entities in Shandong ranks among the top in the country, and a large number of highly skilled farmers have become professionals. Shandong has built a total of 2,500 provincial beautiful villages and 2.87 million beautiful courtyards. Shandong proposed to innovate and improve the "Zhucheng model", "Weifang model" and "Shouguang model". Daicun Village, Sanjianxi Village, Gengdian Village and other new models have emerged. The farmers cheer up, and the rural areas take on a new look.

The leading role of the Shandong peninsula city cluster has been enhanced significantly, the pattern characterized by "one cluster, two cores, and three circles" has been optimized constantly, and the urbanization rate of the province's permanent residents has increased by nearly 12 percentage points.

Shandong's economy has been improving with higher quality in the post-pandemic era. As of October 2022, following the requirements of containing the pandemic, stabilizing the economy, and keeping development secure, Shandong had made efficient coordinated progress in containing the pandemic and ensuring economic and social development, put in place a range of measures to stabilize the economy, formulated and implemented effective policies, and ensured that the economy was steadily improving with higher quality by and large.


Shandong's fixed asset investment has shown an encouraging growth rate. From January to October, the fixed asset investment in the province grew by 6.6%. Notably, the number of projects with an investment of more than 100 million yuan reached 16,163 in the province, registering a year-on-year rise of 6.0% and the infrastructure investment showed strong momentum with an increasing growth rate; industrial investment continued to play a significant role in underpinning the growth of investments in all fields.

Shandong's consumption market has kept its stable development trend basically. The total retail sales of consumer goods in the province reached 2,699.37 billion yuan. Grain, oil, food, and other commodities maintained growth and the proportion of online consumption went up. The total number of market entities in the province reached 13.933 million, up 7.6% year on year, showing that the number of market entities in the province maintained a steady increase;

Shandong's industrial production has continued to grow rapidly. The added value of industries above designated size in the province rose by 5.5% year on year, 1.5 percentage points higher than that of the whole country, indicating that its industrial production maintained stable development; both the replacement of old growth drivers with new ones and the industrial upgrading have accelerated, the high-tech manufacturing industry has shown an encouraging growth rate, and the leading role of new growth drivers has become more apparent; the "actions to stabilize and improve the quality of foreign trade" and "policies on stabilizing foreign trade" have provided stronger support and industrial exports have maintained rapid growth; the development environment of private enterprises has been continuously optimized, and the private industry has moved steadily in a positive direction.