Qingdao GDP falls to 250.49b yuan in Q1

Due to the novel coronavirus pandemic, Qingdao's economic growth slowed in the first quarter of 2020.

The eastern coastal city's GDP totaled 250.49 billion yuan ($35.53 billion) in the first three months of this year, a year-on-year decline of 7.1 percent, according to a news conference held by the Information Office of Qingdao Municipal People's Government on April 30.

The added value of the city's primary industry fell to 3.13 billion yuan, down 0.2 percent year on year; the added value of the secondary industry was 81.04 billion yuan, down 10.2 percent year on year; and the added value of the tertiary industry was 166.32 billion yuan, down 5.5 percent year on year.

"Due to the numerous challenges brought about by the pandemic, departments at all levels in Qingdao have adopted epidemic prevention and control measures and worked to restore the city's economy and society," said Liu Wei, deputy director of the Qingdao municipal bureau of statistics.

"The city has implemented various policies to cut taxes and fees, increase government subsidies, and speed up the resumption of work and production in all sectors, so as to restore economic and social activities."

Liu said that the city's economy has gradually stabilized and improved.

In the first quarter, the added value of industrial enterprises above a designated size fell by 8.8 percent, then picked up in March, rising 8.7 percent. Pharmaceutical manufacturing, which is directly related to epidemic control and treatment, grew 2.8 percent.

Boosted by telecommunication, online education, online consumption and other new business modes amid the epidemic, high-tech services such as information transmission, software and IT services have maintained rapid growth.

In the first quarter, the city's telecommunications industry maintained double-digit growth, with its revenue growing by 16.5 percent.

Revenue in the software and information technology services sector rose 17.4 percent, presenting new opportunities for the digitalization of enterprises and the transformation of consumption patterns.

Driven by online shopping, the total revenue of the postal service increased by 7.5 percent in Qingdao, while that of express delivery increased by 4.3 percent.

In the first quarter, the city's investment grew by 2.7 percent, up 17.8 percentage points from January to February. It picked up by 12.6 percent in March.

Industrial investment in the first quarter grew at a rate of 40.1 percent, up 35.1 percentage points year on year. Investment in high-tech industries increased by 72.1 percent.

In the first quarter, the city's foreign trade totaled 136.3 billion yuan, down 0.4 percent. Imports and exports in March totaled 53.71 billion yuan, up 13.6 percent.

The city's imports and exports to ASEAN, EU (excluding the UK) and Belt and Road countries performed well, increasing by 32.7 percent, 6.4 percent and 19.3 percent, respectively, and imports and exports to Russia increased by 0.3 percent.