The economy of the eastern coastal city of Qingdao, Shandong province continued to grow in the first seven months of this year, according to the Qingdao municipal statistics bureau.

The eastern coastal city of Qingdao, Shandong province [Photo/VCG]

Industrial recovery has continued, with official data showing that the added value of the city's industrial enterprises above designated size increased by 14.2 percent year-on-year from January to July, representing an average growth of 7.8 percent over the past two years.

The service sector has been recovering at a fast pace as well. In the first half of this year, the operating revenue of service enterprises above designated size in Qingdao reached 145.13 billion yuan ($22.45 billion), up 41.1 percent year-on-year and an average growth of 20 percent in the past two years.

From January to July, the city's fixed asset investment increased by 12.1 percent year-on-year, 0.4 percentage points higher than the first half of the year, and a two-year average growth of 8.4 percent. There are currently 5,618 projects under construction in the city, 356 more than last year and 489 more than in the first half of the year.

Investment in key areas showed good growth. Investment in technological upgrading, high-tech and strategic emerging industries increased by 27.2 percent, 19 percent and 15.1 percent year-on-year respectively.

The consumer market has continued to recover. From January to July, the sales volume of the wholesale industry above designated size increased by 75.8 percent year-on-year, with a two-year average growth of 40.3 percent.

Imports and exports continued to grow rapidly. In the first seven months of this year, the total value of the city's foreign trade hit 473.64 billion yuan, up 39.3 percent year-on-year and up 19.6 percent on average in the past two years.

The employment situation remains stable. From January to July, 229,800 new jobs were created in the city, up 5.8 percent year-on-year and an average growth of 3.6 percent in the past two years.