Over the past ten years, Shandong has made successful transformation in economic development and high-quality development has gained momentum, according to the “Glorious decade of China · Shandong” press conference held recently in Jinan.

Great efforts have been made to change the development model and adjust the economic structure. Breakthroughs are being made in replacing old growth drivers with new ones. 

In terms of the economic aggregate, the regional GDP of Shandong province increased to 8.3 trillion yuan in 2021. In terms of quality, revenue in the general public budget reached 728.45 billion yuan. The economic value added of the "four new" economy accounted for 31.7 percent in 2021, an increase of 10 percentage points in four years.

The annual growth rate of fixed asset investment in the province achieves 7.8%. The number of market entities nearly quadrupled to over 13.8 million. High-tech enterprises has exceeded 20,000 in the province, seeing a sevenfold increase.

A number of key, world-leading technologies, such as Weichai 51% thermal efficiency diesel engine and high-speed maglev transportation system, have emerged at an accelerated pace.