Weifang targets trillion-yuan economy by 2028

Weifang in Shandong province has set its sights on becoming a trillion-yuan ($141.6 billion) economy by 2028, according to a recent development plan from the municipal government. This ambitious plan aims to drive various sectors, including industry, innovation, and quality of life for residents.

Since the start of the 14th Five-Year Plan (2021–2025), Weifang has experienced steady economic progress, with GDP surpassing 600 billion, 700 billion, and 800 billion yuan marks in recent years. The city's industrial sector has flourished, with revenue from enterprises above the designated size exceeding 1.2 trillion yuan. It is now a leader in advanced manufacturing and high-tech industries, including smart agriculture, renewable energy, and equipment manufacturing. Notably, over 61 percent of the city's industrial output is from high-tech sectors.

Weifang's commitment to reform and openness has revitalized the market and boosted external trade. The number of market entities has reached 1.47 million, with private investment accounting for 84.3 percent of the total. Additionally, the city's exports and imports now make up 10.7 percent of the province's overall trade.

Weifang city in Shandong province aims to become a trillion-yuan economy by 2028, according to a recent development plan from the municipal government. [Photo/Dazhong News]

This economic growth has been matched by improvements in residents' quality of life. Public spending on livelihoods now exceeds 80 percent, and the income gap between urban and rural residents has narrowed to a ratio of 1.84:1. Life expectancy has also risen to 81.45 years.

Looking ahead, the city's vision for the 15th Five-Year Plan (2026–2030) sets a bold course for the future. Weifang aims to become a national model for modern agriculture and advanced manufacturing, enhance its role as a transportation hub, and provide a high-quality living environment for residents of all ages. Key focus areas include expanding high-tech industries, increasing domestic consumption, driving innovation, advancing rural vitalization, accelerating green transformation, and improving public welfare.