Shandong reports strong economic growth in first three quarters

Shandong province, a major economic powerhouse in China, has reported strong economic performance in the first three quarters of this year.

According to the latest data released by the provincial government, the province's gross domestic product (GDP) reached 7.19 trillion yuan ($1 trillion), representing a year-on-year growth rate of 5.6 percent.

The agricultural sector also showed robust growth, with the total output value of agriculture, forestry, animal husbandry, and fisheries reaching 895.7 billion yuan, a 4 percent year-on-year increase.

Shandong has been actively promoting consumer upgrades and stimulating domestic demand. Retail sales of consumer goods totaled 2.69 trillion yuan in the first three quarters, up 5.2 percent year-on-year. Both urban and rural consumption showed growth, with rural consumption outpacing urban consumption. Notably, the catering industry experienced a significant boost, with revenue growing by 8.9 percent.

The province's fixed asset investment also grew steadily, expanding by 3.9 percent year-on-year during the period.

Foreign trade continued to contribute to the province's economic growth. The total value of imports and exports reached 2.48 trillion yuan, up 3 percent year-on-year. Exports reached 1.52 trillion yuan, while imports amounted to 963 billion yuan.