Jinan has been accelerating its conversion of new and old kinetic energy in recent years and strives to improve the international competitiveness of its economy.
In 2017 its GDP reached 720.2 billion yuan ($104.38 billion), a year-on-year increase of 8 percent, while GDP per capita was 98,967 yuan, an increase of 6.6 percent year-on-year. Per capita disposable income of urban dwellers has amounted up to 46,642 yuan, with the counterpart of country dwellers reaching 16,594 yuan.
The ratio of the primary to secondary to tertiary industry in Jinan was 4.4: 35.7: 59.9 in 2017.
The industrial added value of the city in 2017 increased by 8.9 percent compared to that of 2016. The prime operating revenue of industrial enterprises above designated size totaled 603.75 billion yuan, a year-on-year increase of 12.4 percent.
Jinan had a total of 4,161 investment projects of fixed assets in 2017, including 1,474 with investment exceeding 100 million yuan. Fixed-asset investment reached 436.36 billion yuan, with a growth rate of 13.5 percent from 2016.
Sales conditions in Jinan city in 2017 also continued to improve. Total retail sales of consumer goods reached 414.61 billion yuan, an increase of 10.1 percent year-on-year. The tourist consumption totaled 97.08 billion yuan, a year-on-year increase of 16.4 percent.
Jinan's revenue in the general public budgets in 2017 reached 67.72 billion yuan, growing by 10.5 percent. Tax revenue was 54.18 billion yuan, increasing by 15.2 percent and accounting for 80 percent of the city's general public budget revenue, up by 3.3 percentage points year-on-year.
The city's further opening-up yielded fruitful results. The total volume of its foreign trade in 2017 was 70.81 billion yuan, a year-on-year increase of 10.5 percent. In 2017 there were 16 projects with foreign investment exceeding 100 million US dollars and eight ones funded by Global 500 companies settled in Jinan. The total actually utilized foreign capital reached 12.64 billion yuan, increasing by 12.6 percent over 2016. Jinan’s overseas investment totaled 5.66 billion yuan, a growth rate of 24.4 percent over the previous year.
By the end of 2017, a total of 448 overseas enterprises had settled in Jinan. The cumulative contract value of foreign contracted projects was $36 billion, and the turnover was $25.9 billion.
Jinan also has a strong foundation in scientific and technological innovation. Its total investment in R&D in 2017 reached 15.67 billion yuan, accounting for 2.4 percent of the city's GDP. The number of patent applications throughout the year of 2017 was 30,737, of which 11,720 were patent applications for invention. The average of valid patents owned by every 10,000 people reached 25.6, a year-on-year growth of 23.5 percent.
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