Tai'an GDP hits 276.65 billion yuan in 2020

Tai'an, East China's Shandong province, saw steady economic growth in 2020 despite disruptions caused by COVID-19.

The city's GDP reached 276.65 billion yuan ($42.83 billion), a year-on-year increase of 3.6 percent, and the ratio of primary, secondary, and tertiary industries shifted to 10.8:39.1:50.1.

The city's industrial economy recovered and continued to improve throughout the pandemic, while the added value of industries above designated size in the city increased by 5.4 percent year on year.

In addition, industrial enterprises accelerated the upgrading of smart technologies, and the city's investment in the technological transformation of the manufacturing industry increased by 32.1 percent.

Meanwhile, fixed asset investment in Tai'an increased by 2.9 percent year on year, 26.2 percentage points higher than in the previous year. Revenue in the general public budget reached 22.92 billion yuan, up 2 percent year on year, and spending on people's livelihoods accounted for 78 percent of general public budget expenditures.

The supply of electricity and capital was also strengthened in 2020. From January to December, the city's electricity consumption increased by 5.2 percent, ranking first in the province.