Economic Position

An Important Coastal City in East China

Qingdao is a key economic center and port city in China famous for its cultural heritage and picturesque scenery.

Qingdao is one of China's top ten economically dynamic cities and top ten business cities. It is the winner of the country's "Entrepreneur's Satisfaction Award".

Qingdao is a national model for environmental protection, city sanitation and landscape development. It is the winner of "China Human Settlements and Environment Award".

Qingdao is a sailing city in China. The 29th Olympic sailing regatta will be held here in 2008.

Qingdao is one of the 14 coastal cities opening up to the outside world and one of the eight cities authorized to hold international conferences.

Qingdao is one of China's major seaports for foreign trade.

Qingdao is an important base for marine science research in China.

Economy Developement

After the last two decades of reform and opening-up and continuous industrial restructuring, six pillar industries including electronics and telecom, information and home appliances, chemical engineering and rubber, beverage and food, automobile and shipbuilding, garment and ornaments have taken shape in Qingdao. According to preliminary statistics, the city's GDP in 2004 was 216.38 billion yuan, increasing by 16.8 percent over the previous year, the fastest growth rate since 1994. Among the above-mentioned increase , primary industry accounted for 16.18 billion yuan, secondary industry 117.14 billion yuan , and tertiary industry 83.06 billion yuan, an increase of 2.7 percent, 21.1 percent and 14.2 percent respectively. The proportion of the three industries was at 7.5:54.1:38.4. This ranked the city at the 11th in comprehensive economic strength, and 5th in the 15 vice-provincial-level cities in the country.

In 2004, Qingdao accomplished 13.051 billion yuan of local financial revenue in the general budget, and 16.406 billion yuan of local financial expenditure in the general budget, up 28.5 percent and 16.9 percent respectively over the previous year.

The urban and rural residents' income grew steadily and the trading of commodities in both urban and rural areas was flourishing. In 2004, the total retail sales of consumer goods surpassed 60 billion yuan , reaching 60.55 billion yuan, an increase of 15.8 percent over the previous year.

In 2004, Qingdao's export and import value (including central and provincial government-owned companies) totaled US$ 26.988 billion, of which export was US$ 15.782 billion and import was US$ 11.206 billion, an increase of 30.6 percent, 27.4 percent and 35.6 percent respectively over the previous year.

A total of 2,423 foreign-invested projects were approved in 2004, with a total contracted foreign investment of US$ 6.766 billion and an actually utilized foreign investment of US$ 3.817 billion, increasing by 7.8 percent, 27.2 percent and 33.1 percent respectively over the previous year.

Qingdao has established trade relations with 192 countries and regions. By the end of 2004, a total of 76 international Fortune 500 companies had established 132 projects in Qingdao.

Qingdao is rich in agricultural resources: grains, edible oil, timber, fruits, livestock and marine products, in particular. Dazeshan grapes, grown in Pingdu, are well-known worldwide. There are a great many bays and coves along the coastline of Qingdao, with a large area of shallows ideal for aquaculture. Common aquatic  products found and harvested in Qingdao include porgies, yellow croaker, common perch, abalone, oysters, prawns, scallops, sea cucumber, crabs and top shell