New economic growth drivers receive boost in Shandong

(| Updated : 2020-12-14

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The province of Shandong has been ramping up efforts to foster new economic growth drivers and cultivate competitive industry clusters.

The province became the first comprehensive pilot zone in China to replace old economic growth drivers with new ones in 2018, part of the country's efforts to boost economic upgrading.

Shandong has been boosting five emerging sectors according to its development plan, namely the next generation of information technology, high-end equipment manufacturing, new energy and new materials, ocean economy and healthcare.


Staff members at China National Heavy Duty Truck Group work at the automaker's plant in Shandong. [Photo/CHINA DAILY]

It has also been promoting high-end chemicals manufacturing, modern agriculture, cultural and creative endeavors, quality tourism and the development of modern financial industries.

The province's continuous efforts have paid off. Official data show that last year, the added value of the five major industries -- new-generation information technology, high-end equipment, new energy and new materials, high-end chemical industry and modern finance -- accounted for about 14 percent of its GDP.

From January to October this year, the added value of new-generation information manufacturing industry, new energy and new materials, high-end equipment and high-end chemical industry increased by 13 percent, 17.9 percent, 7.2 percent and 5.3 percent, respectively.

Its share of the value-added of the "Four New Economies" (new technology, new business pattern, new development mode, and new industry) in GDP has risen from 22 percent in 2016 to 28 percent in 2019, and is expected to exceed 30 percent this year.

At the end of 2016, there was not a single listed company in Shandong with a market value of more than 100 billion yuan ($15.29 billion). This year, there are seven. In the first half of this year, the total number of listed companies in Shandong reached 216.

There are 103 industrial clusters taking shape in Shandong, which had an operating revenue of 5.5 trillion yuan in 2019.