Yantai's GDP up 7% in H1

Yantai's economy has maintained a steady recovery momentum as consumption gains traction and innovation bolstered industrial upgrading in the past half year. [Photo/WeChat account: ytwlgw]

The coastal city of Yantai in East China's Shandong province saw its GDP reach 470.57 billion yuan ($65.94 billion) in the first half of the year, growing 7 percent year-on-year, 0.8 percentage points higher than the provincial average.

During this period, the added value of the city's primary, secondary, and tertiary sectors increased by 4 percent to 18 billion yuan, 8 percent to 202.15 billion yuan, and 6.5 percent to 250.33 billion yuan respectively.

Data showed that the added value of industries above designated size increased 11.8 percent year-on-year, 8 percentage points higher than the national average. The city's emerging and pillar industries such as computer, communication, non-ferrous metal metallurgy, and pharmaceutical manufacturing grew over 20 percent year-on-year.

Yantai's economy continued to recover as consumption gains traction and innovation bolstered industrial upgrading in the past half year.

Official data showed that the city's total retail sales of consumer goods increased 7.8 percent in the January-June period, while its culture and tourism sector witnessed a boom in the same period.

Yantai's foreign trade hit 218.37 billion yuan, ranking second in Shandong, while its total imports was 90.27 billion yuan, hitting a new record. In June alone, the city's foreign trade reached 46.11 billion yuan, which rose 33.5 percent quarter-on-quarter.

In the first half, the city had made continuous efforts in improving the living environment and conditions of residents, and renovated of 362 old urban residential communities to make the city more livable.