Shandong has taken a series of measures to advance the supply-side structural reform since last year.

Data show that the five priority tasks in Shandong have achieved remarkable success with the sustainable reduction of enterprises debt ratio and the real estate inventory. Robust growth momentum has been seen on the new drivers.

According to the recent statistics revealed by Shandong Provincial Bureau of Statistics, the level of cost and debt of Shandong’s enterprises continues to decline. In the first half of the year, the asset-liability ratio of industries above designated scale reduces to 55 percent, down 0.9 percent from the first quarter. The sales, management and financial costs drop by 0.3 percent year on year.

In terms of reducing the real estate inventory, the sales area of commercial housing increases by 20.4 percent in the first seven months, of which 17.6 percent are from residential sales. The area of commercial housing for sale drops by 17.4 percent by the end of July, with 25 percent reduction of the area of residential housing on sale.

Meanwhile, the prices of industrial goods start to rise in Shandong. The producer prices and purchasing prices increase 0.1 percent respectively from the previous month, ending the continuous drop in the previous three months. In the first seven months, the producer prices and purchasing prices rise by 5.5 percent and 7.7 percent year on year respectively.

Facilitated by measures taken to boost supply-side structural reform, the new economic growth momentum is being released in Shandong.