Jinan's gross domestic product (GDP) was roughly 785.6 billion yuan ($113.8 billion) in 2018, up 7.4 percent according to a government report released at the first session of the Jinan Municipal People's Congress on Sunday. 

The meeting was held in Jinan, capital city in East China's Shandong province with a total of 555 delegations in attendance this year. 

Sun Shutao, the mayor of Jinan presented the municipal government work report, highlighting several significant achievements the local government has made.

According to Sun, in the last year, Jinan has made significant progress in promoting the shift of old growth drivers to new ones, in reform and opening up development and in urban and rural area construction. 

The city's general public budget revenue reached 75.28 billion yuan, up 11.2 percent. Its imports and exports increased by 16.2 percent, above the average of 8.5 percent for Shandong province on a whole. 

Throughout the last year, Jinan has paid more attention to further opening its financial markets and improving its business environment and achieved progression in these aspects. 

It attracted another 88 financial companies last year and its financial companies reached 660. The added value of the financial sector reached 83.1 billion yuan, accounting for 10.6 percent of the city's GDP.

During his presentation of the work report, he also outlined the roadmap for economic and social development in 2019.

The local government will continue to try to promote upgrading its industries, push forward with advancing the construction of the city's transportation system, and implement a rural revitalization strategy.

The city is aiming for an increase of 7.5 percent in GDP this year.