During the 14th Five-Year Plan (2021-25) period, Qingdao's economy has consistently scaled new heights. It is projected to exceed 1.7 trillion yuan ($239 billion) this year, with an average annual growth rate of 5.9 percent, ranking among the top among similar cities in China.

Total foreign trade volume of the city exceeded 900 billion yuan, accounting for over 2 percent of the national share, with an average annual growth of 9.1 percent.

Its per capita GDP rose from 127,000 yuan in 2020 to 161,000 yuan in 2024, a cumulative increase of 21.3 percent, equivalent to approximately $23,000.

Qingdao's industrial foundation has strengthened significantly. In 2024, its industrial added value reached 428.35 billion yuan, an increase of 101.5 billion yuan since 2020. The city's advanced manufacturing sector has risen to sixth place nationally, up from 11th in 2020, driven by breakthroughs in key projects led by industry giants. Four industrial clusters have been recognized as national advanced manufacturing clusters.

The city's innovation capabilities have also surged, climbing to 34th in the global innovation cluster rankings. It has established a number of high-level innovation platforms, including two national manufacturing innovation centers.

Reform and opening-up have deepened, with 352 national and provincial pilot reforms implemented. Qingdao has consistently ranked among the top 10 cities in national business environment evaluations. The China-SCO Local Economic and Trade Cooperation Demonstration Area and the Qingdao Area of the China (Shandong) Pilot Free Trade Zone have achieved remarkable results during the period, boosting trade and institutional innovation.

At the same time, Qingdao has continuously enhanced the wellbeing of its residents. Over the past five years, the city has allocated over 70 percent of its fiscal expenditures to public welfare, completed 72 municipal-level livelihood projects, and achieved an average annual growth of 6.2 percent in per capita disposable income for all residents — keeping pace with economic growth. The city has also been selected as one of China's happiest cities for the past five years straight.

During the 14th Five-Year Plan period, Qingdao's economy scales new heights. [Photo/Guanhai News]