Shandong develops new economic growth drivers

(| Updated : 2021-01-26

Print Print

The province of Shandong has made strong progress in developing new economic growth drivers over the past year, said local officials.

The province's GDP hit 7.31 trillion yuan (about $1.13 trillion) last year, up 3.6 percent year on year.

The added value of the "Four New Economy" (new technology, new business patterns, new development models, and new industry) exceeded 30 percent of the province’s total GDP, while the output value of high-tech industries accounted for 44.5 percent.


Employees inspect products at a pharmaceutical plant in Tengzhou, Shandong province in February. [Photo by Song Haicun/For China Daily]

The province has also paid closer attention to the transformation and upgrading of traditional industries. Last year, 11,381 technological upgrading projects were carried out in Shandong, each receiving more than 5 million yuan in investment.

It has also invested heavily in the fostering of new economic growth drivers, and investment in the "Four New Economy" accounted for 51.3 percent of total investment. Revenue in high-end services such as the Internet and software and information technology maintained double-digit growth.

Key industries such as next-generation information technology, high-end equipment, and new materials have also expanded rapidly in Shandong, contributing significantly to local high-quality development.

Last year, Shandong selected 627 major projects to promote the transition from old economic growth drivers to new ones. They received an annual investment of 869.4 billion yuan, 35 percentage points higher than the annual plan.

By the end of last year, Shandong had set up a total of 545 funds to promote the transition from old economic growth drivers to new ones, which had invested 203.6 billion yuan into 1,977 projects.