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Shandong achieves strong economic performance in 2024

from: chinadaily.com.cn date: 2025-01-09

Shandong province made significant strides in boosting domestic consumption and expanding international trade in 2024. By implementing a series of targeted policies and organizing numerous promotional events, it has successfully stimulated consumer demand and facilitated economic growth.

Enhanced consumption: The province held over 3,500 promotional events throughout the year, with a strong focus on trade-ins for automobiles, home appliances, and other consumer goods. The trade-in program for automobiles was particularly successful, with Shandong accounting for more than one-sixth of the total vehicle scrappage and renewal in China. Nearly five million households benefited from these policies.

Strengthened foreign trade: Shandong actively explored new markets, arranging for over 8,000 enterprises to participate in more than 270 overseas exhibitions and trade fairs. Exports to ASEAN and RCEP countries grew by 20.4 percent and 10.2 percent, respectively.

Increased foreign investment: The province hosted high-level events such as the fifth Qingdao Multinationals Summit, and the 2024 Singapore-Shandong Week event. Currently, Shandong is home to over 19,000 foreign-invested enterprises, and 236 Fortune 500 companies have established 938 subsidiaries in the province, boosting the development of influential industrial clusters such as automotive manufacturing, new-generation information technology, and engineering machinery.

Improved business services: The province provided financial support to enterprises, with financial institutions lending over 718.4 billion yuan ($97.9 billion) to the commercial sector and helping businesses save more than 187 million yuan in financing costs.