Qingdao sees foreign trade growth in first 5 months

In the first five months, Qingdao's imports and exports totaled 356.18 billion yuan. [Photo by Zhang Jingang/for chinadaily.com.cn]

In the first five months, Qingdao's imports and exports totaled 356.18 billion yuan ($49 billion), ranking fifth among sub-provincial cities, according to statistics released by the city's customs bureau on July 3.

The export growth of the "new three" industries - new energy vehicles (NEVs), lithium-ion batteries and photovoltaic products - increased by 49.3 percent year-on-year, accounting for 42 percent of the province. Qingdao attracted investment from 406 Fortune Global 500 companies and secured seven new projects for the joint construction of the Belt and Road Initiative in the January to May period.

From January to May this year, the export of electromechanical products reached 103.46 billion yuan, marking a 13.3 percent increase and accounting for over 50 percent of the city's total exports. Among these, the export growth rates for ships, household appliances, and automobiles were 43.4 percent, 25.6 percent, and 17 percent, respectively. Exports in the "new three" industries grew by 49.3 percent year-on-year, representing 42 percent of the province's total exports. Qingdao is fostering a characteristic industrial belt for cross-border e-commerce and has ranked near the top of the evaluation of 165 national cross-border e-commerce pilot zones for two consecutive years.

The city has also been promoting the innovative development of service trade this year. In the first five months of the year, the city completed service imports and exports totaling 66.7 billion yuan, marking a 27.4 percent increase and accounting for 46 percent of the province's total.

During the same period, Qingdao signed 361 new projects into effect with investments exceeding 1 billion yuan each, with a total planned investment of 280.95 billion yuan. The city has also attracted a total of 406 projects from 179 Fortune Global 500 companies, including the establishment of landmark foreign investment projects such as AstraZeneca.