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Shandong Witnessed Continuous Economic Recovery and Improvement during the First 10 Months

Source：Haibao News 11-22-2023 09:25:00

Since the beginning of this year, Shandong has been actively promoting high-quality development. With a focus on targeted policies, the province has achieved steady progress in production and supply, as well as a gradual advancement in transformation and upgrading. Its economy has shown consistent signs of recovery and improvement.

During the period from January to October, Shandong's industrial production remained stable, with the added value of industrial sectors above the designated size increasing by 6.9% year-on-year. Out of Shandong's 41 major industrial categories, 33 achieved growth, representing a proportion of 80.5%. Among them, the equipment manufacturing industry and the consumer goods industry saw continuous improvement, with their added value increasing by 9.4% and 3.3% respectively, which were both 0.1 percentage points higher than in the period from January to September.

During the period from January to October, the upgrade of traditional industries accelerated. The investment in industrial technological transformation increased by 14.2% year-on-year, which surpassed the overall investment growth rate by 8.9 percentage points and was 1.1 percentage points higher than in the period from January to September. Shandong also accelerated investment in the new economy sector. The "Four New" economic investment increased by 10.9% year-on-year, accounting for 56.3% of the total investment, up 2.9 percentage points year-on-year. Investments in high-tech manufacturing and high-tech service industries increased by 34.4% and 33.0% respectively, which were 29.1 and 27.7 percentage points higher than the overall investment growth rate respectively.