The economic development of the eastern coastal city of Qingdao, Shandong province maintained its momentum in the first 10 months of this year, according to official statistics.

Qingdao Port in Shandong province [Photo by Zhang Jingang/for China Daily]

The city's industrial production continued to recover during this period, with the added value of industrial enterprises above designated size increasing by 10 percent year-on-year and posting a two-year average growth of 7.4 percent.

From January to September, the city's industrial enterprises above designated size achieved combined profits of 43.62 billion yuan ($6.83 billion), a year-on-year growth of 10.7 percent and a two-year average growth of 14.5 percent.

The service sector also developed steadily. In the first three quarters of this year, the city's service enterprises above designated size achieved a revenue of 236.75 billion yuan, up 43.5 percent year-on-year, and an average growth of 22.6 percent in two years.

The transportation and logistics sector performed well, too. In the first three quarters, the operating revenues of the transportation, warehousing and postal services increased by 60 percent year-on-year, with a two-year average growth of 33.1 percent.

The city's imports and exports grew rapidly. From January to October, the import and export value of Qingdao totaled 697.56 billion yuan, up 36.7 percent year-on-year, accounting for 29.2 percent of the province's total.

During this period, the city created 330,700 new jobs, 94.5 percent of the annual target.