Shandong surpasses 8t yuan GDP mark in 2021

(chinadaily.com.cn)| Updated : 2022-01-20

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A technician checks excavators at an engineering equipment manufacturer in Yantai, Shandong province. [Photo by Tang Ke/For China Daily]

Shandong's gross domestic product (GDP) exceeded the 8 trillion yuan ($1,260.8 billion) threshold in 2021, local authorities said at a news conference held on Jan 19.

The economic powerhouse in East China saw its GDP increase 8.3 percent year-on-year to 8.31 trillion yuan last year. The province's average GDP growth over the past two years reached 5.9 percent, above the national average of 5.1 percent.

In 2021, the added value of the province's primary industry reached 602.9 billion yuan, an increase of 7.5 percent over the previous year and an average increase of 5.1 percent over the past two years.

The added value of the secondary industry stood at 3.32 trillion yuan, an increase of 7.2 percent over the previous year and an average increase of 5.2 percent over the past two years.

The added value of its tertiary industry was 4.39 trillion yuan, an increase of 9.2 percent over the previous year and an average increase of 6.5 percent over the past two years.

The province's efforts to empower traditional industries with cutting-edge technologies as well as industrial transformation and upgrading have paid off. The added value of industries above designated size increased by 9.6 percent year-on-year, with an average growth of 7.3 percent over the past two years, while the added value of its high-tech manufacturing sector increased by 18.5 percent year-on-year, with an average growth of 14.1 percent over the past two years.

The province's high-end service sector is booming. The service sector contributed 59.5 percent to the province's economic growth. From January to November 2021, the revenue of services above designated size reached 1.03 trillion yuan, up 26.3 percent over the previous year and up 13.8 percent on average over the past two years.

Targeted and efficient investment has been a hallmark of the province's efforts. Investment in fixed assets grew by 6 percent over the previous year and the two-year average growth was 4.8 percent. Investment in manufacturing rose 13.1 percent and investment in real estate increased 3.9 percent. Investment in high-tech industries increased by 10 percent. Investment in health, education and other social sectors increased by double digits.

The province has been ramping up efforts to maintain employment and increase incomes, so as to improve the wellbeing of residents.

Last year, 1.24 million new urban jobs were created, exceeding the annual target of 1.1 million. The registered urban unemployment rate was 2.94 percent, 0.16 percentage points lower than the previous year. The per capita disposable income of residents in the province was 35,705 yuan, an increase of 8.6 percent over the previous year and an average increase of 6.3 percent over the past two years.