Shandong posts solid economic performance in H1

(| Updated : 2023-07-27

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Shoppers look at electric fans at a supermarket in Qingzhou, Shandong province. WANG JILIN/FOR CHINA DAILY

Major business indicators - including consumption expenditure, foreign trade and investment promotions - posted steady progress in East China's Shandong province in the first half of the year, according to a recent news conference held by the Shandong Provincial Department of Commerce.

Shandong's economy performed steadily in the six months as market demand was gradually restored and production and supply continued to grow, officials said.

The Shandong Provincial Department of Commerce has accorded priority to the recovery and expansion of consumption.

Efforts have been made to improve retail spending conditions, innovate with spending patterns, create a rejuvenated consumer environment, boost consumer confidence and further strengthen the fundamental role of consumption.

In the first half of the year, 364 activities were held across Shandong to promote shopping and retail spending. Total retail sales of consumer goods in the province reached 1.55 trillion yuan ($217.05 billion), an increase of 9.1 percent year-on-year.

What's more, Shandong issued 710 million yuan of spending vouchers for automobiles, home appliances and retail sales, driving 13.34 billion yuan of sales.

In the first six months, the value of the province's imports and exports totaled 1.6 trillion yuan, up 1.8 percent year-on-year. Breaking that down, imports of Shandong grew 1.7 percent to 638.07 billion yuan, while exports expanded 1.9 percent to 924.9 billion yuan.

During the period, 1,151 new foreign-invested enterprises were established in the province, an increase of 10.3 percent year-on-year. Foreign investment actually utilized in Shandong amounted to $11.47 billion.