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Qingdao GDP grows 6.5% in 2019
Updated: Mar 9, 2020
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The gross domestic product (GDP) of Qingdao, East China’s Shandong province, grew by 6.5 percent in 2019, reaching 1.17 trillion yuan ($167.2 billion), according to the Qingdao municipal bureau of statistics.
The added value of the city’s primary industry was around 41 billion yuan, up 1.6 percent, the added value of its secondary industry was 418.28 billion yuan, up 4.7 percent, and the added value of its tertiary industry was 714.86 billion yuan, up 8.0 percent.
In 2019, agricultural production in Qingdao remained stable, with the added value of agriculture reaching 43.62 billion yuan, up 2 percent.
As one of China's manufacturing powerhouses, Qingdao has doubled down on innovative and high-quality development. Last year, the city’s industrial added value reached 315.99 billion yuan, up 2.8 percent and accounting for 26.9 percent of its total GDP.
Investment in strategic emerging industries increased 24 percent in 2019, while investment in high-tech manufacturing rose 26.8 percent.
The service industry has become the "new engine" of local economic development. Last year, the added value of Qingdao’s service industry exceeded 700 billion yuan for the first time, reaching 714.86 billion yuan, an increase of 8 percent, while its share of the city’s total GDP exceeded 60 percent for the first time, reaching 60.9 percent.
The value of the city’s foreign trade reached 592.56 billion yuan, up 11.2 percent over the previous year. Its exports totaled 341.19 billion yuan, up 7.4 percent, while its imports totaled 251.37 billion yuan, up 16.9 percent.
The imports and exports of local private enterprises increased 21.5 percent, accounting for 59.6 percent of the total, an increase of 5 percentage points over the previous year.
The European Union, Association of Southeast Asian Nations, the United States, South Korea, and Japan were Qingdao’s main trading partners, accounting for 57.2 percent of the city’s total foreign trade.
The city’s exports to ASEAN countries increased by 40.2 percent, while its imports and exports to countries involved in the Belt and Road Initiative increased by 30 percent.
