Shandong's gross domestic product (GDP) reached 8.31 trillion yuan ($1.31 trillion) in 2021, a year-on-year increase of 8.3 percent, local authorities said at a news conference on Jan 19.

In 2022, the province aims to achieve GDP growth of more than 5.5 percent, according to the provincial government work report delivered at the annual session of the provincial people's congress, which began on Jan 23.

According to the provincial government work report, this year's revenue in the general public budget is set to increase by around 5 percent, while fixed asset investment and total retail sales of consumer goods are expected to grow by around 6 percent each.

This year, the province will continue to fuel the development of "Four New Economy" (new technology, new business pattern, new development mode, and new industry) so as to nurture new growth drivers for regional high-quality development. The proportion of GDP of the added value of the "Four New Economy" is expected to grow by around 2 percentage points in 2022.

Economic work in 2022 will prioritize stability while pursuing progress, said Shandong authorities, with actions to be taken to safeguard macroeconomic stability, keep major economic indicators within an appropriate range and maintain social stability.