Economy of Shandong

(chinadaily.com.cn)| Updated : 2018-05-10

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Shandong is predominant in agriculture, renowned as “China's most outstanding agricultural province”. This down to the value it places in its agriculture as well as its outstanding agricultural output of vegetables, fruits, meat and aquatic products. Additionally, it enjoys an advanced marine economy accounting for one fifth of the national economic aggregate, and it has established more than 240 marine ranches with a total area of over 19,000 hectares. Shandong is the major producer and supplier of petroleum, coal and nonferrous metal, having the most gold reserves and output as well as abundant sea salt and diversified coastal birds.

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Shandong is working on shifting from merely an economically-significant province into an economically -dominant one. In 2017, its GDP reached 7.27 trillion yuan (1.08 trillion dollars), the added value of provincial industrial companies above a designated scale ascended by 6.9 percent, and the gross general budget revenue outnumbered 0.6 trillion yuan. Thanks to well-established industrial infrastructures, industries such as engineering machinery, transportation equipment, textile and apparel, information technology, and marine economy thrive in Shandong.

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Manufacturing makes an enormous contribution to Shandong’s economic growth, comprising a group of world-renowned brands like Haier, Hisense, Inspur, Weichai Power, Tsingtao Beer and Changyu. Riding on the spring breeze of the new and old kinetic energy conversion, Shandong’s economy is full of vigor and vitality.