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Laoshan energizes real economy development

(chinadaily.com.cn) | 2022-05-26

Laoshan district, one of the most vibrant regions in Qingdao, Shandong province, has launched a slew of measures to bolster the development of the real economy.

According to official statistics, the real economy has created more than 70 percent of Laoshan's GDP, more than 40 percent of its tax revenue and more than 90 percent of its employment.

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Laoshan district boasts a vibrant economy in Qingdao, Shandong province. [Photo provided to chinadaily.com.cn]

Authorities in Laoshan have highlighted the importance of building a strong real economy and boosting the manufacturing industry. A three-year action plan has been launched to expand the "Four New Economy" (new technology, new business pattern, new development mode, and new industry) and accelerate the vitalization and development of the real economy.

The Four New Economy, which features strong vitality, great innovation, and high flexibility, has become the highlight of Laoshan's economic development. Laoshan has made efforts to nurture leading "Four New" enterprises.

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A night view of Laoshan district, Qingdao [Photo provided to chinadaily.com.cn]

It will build four specialized industrial parks each spanning over 66.67 hectares for virtual reality, artificial intelligence, software and information services, and biomedical health.

Laoshan will encourage high-quality industrial park planning and construction based on the experiences of Shanghai, Shenzhen, Suzhou, and other cities.

By 2024, the added value of the "Four New Economy" is expected account for more than 45 percent of Laoshan's GDP. The number of high-tech enterprises in the region is expected to exceed 800, and the number of unicorns and gazelles is expected to reach 10 and 25, respectively.

The general output of industrial enterprises above designated size in Laoshan is expected to increase by 10 billion yuan ($1.48 billion) every year and exceed 70 billion yuan by 2024.

By 2024, the manufacturing share of Laoshan's GDP is expected to rise by 1 percentage point annually to 21 percent, and the added value of producer services is expected to reach 60 billion yuan.

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Laoshan aims to promote the high-quality planning and construction of industrial parks. [Photo provided to chinadaily.com.cn]