Shandong province has made concerted efforts to promote sustained and steady growth of the regional economy, said local authorities.

Tourists ride boats in Yantai, a coastal city in Shandong province. [Photo/IC]

In the first seven months of this year, sound momentum has been sustained in the development of the province's economy, according to the Statistics Bureau of Shandong province.

During this period, the added value of industrial enterprises above designated size in Shandong grew by 14.3 percent year-on-year, with a two-year average growth of 7.2 percent.

Fixed asset investment grew 10.9 percent year-on-year, with a two-year average growth of 6.3 percent. Private investment remained active with a year-on-year growth of 16.4 percent and a two-year average growth of 7.5 percent.

Consumption potential was released at a faster pace. The total retail sales of consumer goods reached 1.82 trillion yuan ($280.2 billion), up 22.3 percent year-on-year and up 6.2 percent on average in the past two years.

The province's imports and exports reached 1.59 trillion yuan in the Jan-July period, up 40.1 percent year-on-year. It exports reached 906.99 billion yuan, up 43 percent, while imports totaled 681.19 billion yuan, up 36.5 percent.

In the first seven months of this year, revenue in the general public budget reached 504.2 billion yuan, up 22.3 percent year-on-year.

Market vitality has steadily increased as well. From January to July, 1.32 million new market entities were registered, up 7.8 percent year-on-year.

The employment situation remained stable and improved. From January to July, 759,000 new urban jobs were created, up 17 percent year-on-year.