Qingdao sets development goals for next five years

The information office of Qingdao municipal people's government recently held a series of news conferences to introduce the city's major tasks and goals throughout the 14th Five-Year Plan (2021-25) period.

The 14th Five-Year Plan period will mark the first five years of China's new journey toward fully building a modern socialist country, according to local authorities.

The port city of Qingdao, Shandong province [Photo/VCG]

The city will continue its efforts to build an international consumption center. In the next five years, the total retail sales of consumer goods in the city is set to increase by more than 8 percent annually, and the number of large and medium-sized commercial outlets will exceed 200.

The city will become an international trade center. During this period, the city's import and export volume is expected to grow at an average annual rate of 6 percent, while the value of services trade would exceed 110 billion yuan ($16.99 billion). Meanwhile, the annual import and export of cross-border e-commerce will reach 80 billion yuan.

Qingdao will further improve its utilization of foreign capital. In the next five years, the actual utilization of foreign capital in the city is set to reach $31 billion. Overseas investment and cooperation will be developed in an orderly and sound manner, and the turnover of overseas contracted projects will remain stable.

The construction of the Qingdao Area of the China (Shandong) Pilot Free Trade Zone will be completed in the coming five years. By the end of 2025, imports and exports of the Qingdao FTZ is expected to exceed 200 billion yuan.

Qingdao will further international economic exchanges and cooperation in the 14th Five-Year Plan period. As an international port city and one of China's first coastal cities to be opened to the rest of world, Qingdao will continue its role as a pivotal point in the New Eurasian Land Bridge economic corridor.

The city will continue to take the lead in promoting intercity cooperation among areas along the Yellow River and member cities of the Jiaodong Economic Circle as part of its efforts to stimulate domestic demand and explore new room for China's economic growth.