Shandong Provincial People's Congress assembled on Jan 22 to attend the read of the report on the work of Shandong Provincial People's Government, a part of the annual two sessions of the province. 

In 2023, Shandong province achieved remarkable economic strides, showcasing stability and growth across various sectors. The provincial GDP surged to 9.2 trillion yuan ($1.28 trillion), witnessing a year-on-year increase of 6 percent. The value added of industries above designated scale rose by 7.1 percent year-on-year, and fixed asset investment increased by 5.2 percent year-on-year.

Shandong Provincial People's Congress assembles in the morning of Jan 22, listening to the report, a key part of the provincial annual two sessions. [Photo/Dazhong Daily]

Social consumption rose as well as retail sales and import-export activities increased by 8.7 percent and 1.7 percent, respectively.

Quality and innovation emerged as cornerstones of Shandong's progress. Investments in the four new sectors of economies exceeded 57 percent, and high-tech industries contributed approximately 51 percent to the overall industrial landscape. Notably, new energy and renewable energy installations surpassed 930 billion kilowatts.

The province's robust development potential manifested in the establishment of over 14.65 million enterprises, including 9,500 in large-scale industries and services. Moreover, Shandong witnessed significant technological advancements, with breakthroughs in industrial patents and substantial growth in industrial technological transformation investments.

In the realm of technological innovation, Shandong excelled with the addition of 10 national key laboratories and the inauguration of a national-level technology innovation center. The province also led the nation in the number of national-level intellectual property protection centers.

The manufacturing sector experienced a boost, with the cultivation of 11 industrial chains and the establishment of 10 advanced manufacturing clusters. Shandong-made high-speed trains marked a milestone in China's rail industry, while the production of new energy vehicles exceeded 400,000 units.

Shandong's commitment to digital integration and green development was evident, with the construction of smart factories and the addition of three national-level industrial internet platforms. The province's focus on chip manufacturing and other silicon-related sectors led to a significant increase in the proportion of the digital economy in the overall GDP, expected to reach 47 percent.

Shandong's economic achievements in 2023 underscored a story of resilience, innovation, and sustainable growth, positioning the province as a beacon of progress in China's dynamic economic landscape, and other parts of the sessions will unfold in the next days.