Shandong's economy continues to grow

(| Updated : 2021-03-31

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Since the beginning of this year, main economic indicators in Shandong have sustained growth, according to the Shandong Provincial Department of Commerce.

Industrial production accelerated over the first two months of this year, with added value of industrial enterprises above designated size up by 31.1 percent year-on-year, 17.2 percent more than the same period of 2019. The average two-year growth rate hit 8.3 percent, reaching the highest level since 2015.


Employees work on the washing machine production line of Haier Group in Qingdao, East China's Shandong province, on Feb 27. [Photo by Wang Peike/For China Daily]

Fixed asset investment grew steadily, up 22.1 percent year-on-year in January-February, 7.6 percent higher than the same period of 2019, with the two-year average growth hitting 3.7 percent.

The recovery of the consumer market continued, with total retail sales of consumer goods up by 27.2 percent in the first two months of this year, an increase of 6.8 percent over the same period of 2019 and an average growth of 3.3 percent in two years.

Foreign trade continued to improve in the province, with the total volume of imports and exports growing by 38.7 percent year-on-year in January-February and 27.3 percent higher compared with the same period in 2019.

Over the period, the province's imports and exports to countries involved in the Belt and Road Initiative increased by 30.2 percent and accounted for 30.6 percent of its total foreign trade.

Emerging industries have continued to develop rapidly in the province. From January to February this year, the added value of the high-tech manufacturing sector grew by 46.1 percent year-on-year, while the two-year average growth stood at 14.4 percent, 6.1 percentage points higher than that of industries above designated size.