Qingdao’s economic performance in the first half of 2024 was recently announced. According to calculation results, Qingdao’s GDP over the period amounted to RMB 797.867 bln, increasing by 5.8% year on year based on constant prices. The value added of the first industry, the second industry and the tertiary industry reached RMB 23.492 bln, RMB 263.341 bln and RMB 511.034 bln, gaining by 4.0%, 8.6% and 4.4%, respectively.

Agricultural production proceeded smoothly and the supply of agricultural and livestock products was adequate. In the first half of 2023, Qingdao’s gross output value of farming, forestry, animal husbandry and fishery hit RMB 40.02 bln, a 4.1% year-on-year increase. In addition to a bumper summer grain harvest, vegetables and fruits, meat, eggs and milk, and aquatic products all saw a steady rise in output.

Industrial production grew rapidly and made headway in transformation and upgrading. In the first half of 2024, the value added of industries above designated size in Qingdao increased by 9.8% year on year. 30 of 35 broad sectors reported growth, a wider proportion and representing 85.7%. The prosperity index and the entrepreneur confidence index among industrial enterprises continued to hover around the “relatively prosperous” zone.

The service sector continued to be on the track to recovery, and producer services enjoyed a good momentum of development. In the first half of 2023, the value added of Qingdao’s service sector saw a 4.4% year-on-year increase and accounted for 64.1% of Qingdao’s GDP, with a 49.2% contribution rate for economic growth. Among it, the value added of producer services amounted to RMB 306.02 bln, a 6.0% year-on-year increase, with a 77.1% contribution rate for progress in the service sector. (Yang Guang)

图2. A workshop of Chery’s gigantic factory in Qingdao.