The busy Qingdao Port in Shandong province. [Photo/Guanhai News]

Shandong Port Group (SPG) has delivered an impressive performance in the five years since it was established in August 2019.

The cargo throughput of SPG rose from 1.27 billion metric tons in 2019 to 1.71 billion tons in 2023, a growth rate of 34.6 percent. The container throughput increased from 27.09 million TEUs to 41.32 million TEUs, growing by 52.5 percent, ranking first and second globally, respectively. Qingdao Port, Rizhao Port, and Yantai Port, which are SPG's subsidiaries, are leading the way, ranking fourth, seventh, and 10th, respectively, among global coastal ports. The cargo throughput of Bohai Bay Port has tripled since its establishment.

Qingdao, the city where SPG is headquartered, has seen a significant increase in the overall capacity of its port, and the city's service functions as a shipping center have reached unprecedented levels of quality.

Since its establishment, SPG has reorganized over 100 independent business units of various ports into 12 groupings, including investment control, logistics, shipping, and trade. Qingdao is a focal point for the group's new business layout, with 10 of the 12 groupings located in the city.

Major industrial platforms, such as SPG's international energy trading center, a harbor securities futures company, and a ship trading platform, have also been set up in Qingdao. New formats such as futures brokerage, insurance brokerage, financing leasing, commodity trading, ship trading, and the cruise economy are thriving in the city.

Statistics show that annual investment in Qingdao by SPG has doubled compared to before 2019, with tax revenue reaching 2.58 billion yuan ($360.23 million) in 2023, demonstrating significant growth.