Dongying city – located in East China's Shandong province, in the central part of the Yellow River Delta – is widely regarded as being an important petroleum base in the country.
In 2023, the gross domestic product of Dongying hit 389.9 billion yuan ($54.2 billion), a 7 percent increase over the previous year. Eleven companies from Dongying are currently on the Top 500 Chinese Enterprises list, while 15 are on the list of the Top 500 Chinese Private Enterprises. In addition, 18 businesses from Dongying have been listed in the Top 100 Private Enterprises in Shandong province. The indicators are said to rank first in Shandong province and Dongying's comprehensive economic competitiveness is ranked 47th among the top 100 cities in the country.
In 2023, Dongying city witnessed a significant improvement in its economic structure, leading to the enhanced quality of its development.
The transformation and upgrading of traditional industries resulted in a notable increase in the added value of the manufacturing of chemicals raw materials and chemicals products in 2023 – topping the growth rate for petroleum processing by 7.2 percent, exerting a significant driving force.
Moreover, the cultivation of emerging industries was accelerated last year, with the investment growth rate in high-tech manufacturing soaring 61.6 percent. The contribution of the service industry to economic growth reached 37.8 percent.
In order to propel its economic growth, Dongying has been expanding its opening-up. Key exhibitions for such sectors as petroleum equipment and rubber tires have obtained UFI certification.
What's more, the city has been approved as a national-level comprehensive pilot zone for cross-border e-commerce.
According to the data in 2022, the volume of imports and exports handled by the Dongying Comprehensive Bonded Zone has doubled for two consecutive years, with the city's foreign trade increasing by around 44.7 percent, ranking it second in the province.
