Shandong's GDP climbs despite pandemic

GDP in Shandong province registered year-on-year growth of 1.9 percent in the first three quarters, exceeding 5.2 trillion yuan ($782 billion), the provincial Information Office said at a news conference on Tuesday.

All sectors have shown encouraging growth, illustrating the economy's recovery.

Agriculture increased by 1.6 percent in the first three quarters over the same period last year, said Yu Chenghe, spokesman for the province. The industrial sector grew by 1.8 percent in the same period, and the service sector was up by 2 percent, he said.

Despite the coronavirus pandemic and other global uncertainties, imports and exports registered a year-on-year increase of 4.2 percent in the first three quarters, said Zhang Weike, deputy head of Shandong Department of Commerce.

With growth slowed by the pandemic in the year's first half, the province has encouraged companies involved with foreign trade to expand overseas markets via online platforms.

During the first three quarters, more than 50 online exhibitions have been organized by Chinese companies and their counterparts in countries including the United States, Pakistan, Thailand and European countries, Zhang said.

Shandong's seven cross-border e-commerce pilot zones are providing momentum in foreign trade. Exports and imports have seen retail transaction via cross-border e-commerce platforms increase by 149 percent in the first three quarters.

Foreign companies are also boosting their investments in Shandong to explore the Chinese market. During the first three quarters, a total of 2,003 foreign-invested facilities have been set up in the province, a year-on-year increase of 17.5 percent, Zhang said.