Shandong sees growth in added value of industrial enterprises

(| Updated : 2022-01-25

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The added value of industrial enterprises above a designated size in Shandong province increased by 9.6 percent on a yearly basis in 2021, with an average growth of 7.3 percent over the past two years, 1.2 percentage points higher than the national average, official statistics showed.

Focusing on high-end, intelligent, and green development, Shandong has been ramping up efforts to deepen supply-side structural reform and transform and upgrade its economic, energy and industrial structures.

Last year, 34 of the 41 major industries in Shandong achieved growth, while 25 industries achieved double-digit growth.

The main economic indicators of Shandong's chemical industry achieved comprehensive growth, with operating income and profit jumping to first place among all industries.

Consumer goods manufacturing is also picking up. The annual added value of food manufacturing, textiles and apparel, and papermaking and paper products increased by 31.2 percent, 13.4 percent and 12.6 percent respectively.

Business efficiency also improved. In the first 11 months of 2021, the total profits of industrial enterprises above designated size in the province reached 514.66 billion yuan ($81.32 billion), up 36.3 percent, with a two-year average growth of 24.2 percent.

Shandong is also accelerating the upgrading of local industrial bases and the modernization of industrial chains. Efforts have been made to strengthen the dominant position of enterprises in innovation, foster advanced manufacturing clusters with international competitiveness, and build independent, safe and efficient industrial and supply chains that serve the whole country.