During a press conference on October 24th, officials from the Shandong Provincial Government shared the economic and social performance of the region for the first three quarters of this year. According to the unified calculation of regional GDP, Shandong’s total GDP reached 71,981 billion RMB, representing a year-on-year growth of 5.6% when calculated at constant prices.
The added value from various industries showed varied growth: the primary sector contributed 4,731 billion RMB, growing by 3.8%; the secondary sector, with an added value of 27,914 billion RMB, grew by 6.9%; and the tertiary sector reached 39,336 billion RMB, with a growth rate of 4.9%.
Sun Qisheng, Deputy Secretary-General and Director of the General Office of the Shandong Provincial Government, reported that agricultural production has improved, with sufficient supply of major agricultural products. The total output value of agriculture, forestry, animal husbandry, and fisheries reached 8,957 billion RMB, up by 4.0% compared to the same period last year, a slight increase from the first half of the year. The production of key agricultural products, such as vegetables, fruits, and seafood, also saw year-on-year growth rates of 3.4%, 3.3%, and 4.4%, respectively.
On the industrial front, Shandong’s industrial added value above a designated size increased by 8.2% year-on-year. Sun explained that the mining sector experienced an 8.2% growth, while the manufacturing sector surged by 8.7%. The production and supply of electricity, heat, gas, and water saw a more modest growth of 3.5%. In terms of ownership, state-controlled enterprises grew by 4.3%, joint-stock enterprises by 8.9%, and private enterprises by 8.6%. Notably, the equipment manufacturing sector outpaced others with an 8.8% growth rate.
Service industries in Shandong are also on a path to recovery, with overall growth remaining robust. From January to August, service sector revenue rose by 8.0%, a 0.9 percentage point increase from the previous month. Out of 32 major categories, 26 recorded revenue growth, representing an impressive 81.3% growth rate. Growth was particularly strong in the multi-modal transport and logistics, business services, and professional and technical services sectors, which saw increases of 28.5%, 12.7%, and 10.7%, respectively.
Regarding fixed asset investment, Shandong reported a 3.9% year-on-year increase in the first three quarters. Sun noted that investments in the primary and secondary sectors both rose by 15.6%, while the tertiary sector saw a decline of 3.4%. Specific areas of investment reflected varying trends, with manufacturing up by 15.0%, high-tech industries rising by 20.5%, and real estate investment decreasing by 12.2%.
In terms of trade, Shandong reported a total goods import and export value of 24,800 billion RMB, a 3.0% year-on-year growth. Exports amounted to 15,200 billion RMB, up by 6.4%, while imports totaled 9,630.6 billion RMB, down by 1.9%. Sun highlighted the rapid growth of service trade in the province, with service import and export totals reaching 287.3 billion RMB, a remarkable 29.3% increase.
Retail sales also reflected positive trends, with Shandong’s total retail sales of consumer goods reaching 26,978.5 billion RMB, rising by 5.2%. Urban retail sales grew by 5.1%, while rural retail sales experienced a higher growth rate of 6.3%.
In summary, Sun expressed that Shandong’s economy has shown stable operation in the first three quarters, marked by a generally reassuring and progressive trend. However, he also cautioned about increasing challenges from the external environment and insufficient domestic demand, which could hinder sustained economic improvement. Looking ahead, Shandong aims to enhance economic recovery through effective policy implementation, expanding investment, tapping into consumer potential, and improving the quality of life for its residents while maintaining its role as a major economic province.
