Shandong's economy grows steadily in H1

According to recent data, Shandong province has achieved steady economic growth in the first half of this year, with a GDP of over 5 trillion yuan ($696.94 billion), up 5.6 percent year-on-year. The province has achieved its "double-half" targets and made solid progress in high-quality development.

All three major industries have shown positive growth. The primary industry grew by 3.9 percent, the secondary industry by 5.6 percent, and the tertiary industry by 5.8 percent. Shandong's growth in all three sectors outpaced the national average, contributing significantly to China's overall economic growth.

The province has also made progress in industrial transformation and upgrading. In the first half, Shandong built six national advanced manufacturing clusters and 23 small-and-medium-sized enterprise-specific clusters. The manufacturing sector grew by 9 percent, with the equipment manufacturing industry growing by 13 percent.

In terms of foreign trade, Shandong's exports reached 1.05 trillion yuan, up 6 percent year-on-year, while imports grew by 8.1 percent to 676.41 billion yuan. The province's exports to countries involved in the Belt and Road Initiative increased by 8.6 percent, accounting for 57.5 percent of its total exports.

Shandong has also actively promoted the "enterprises team up to go global" initiative, expanding its overseas markets and enhancing its economic resilience.

(chinadaily.com.cn)