Real economy booms in Qingdao WCNA

Qingdao West Coast New Area (Qingdao WCNA) in East China's Shandong province saw rapid development in its real economy in 2022.

The added value of industries above designated size in the area increased by 8 percent in 2022, contributing to over 70 percent to the city's economic growth. It ranks third among new areas at the national level and the seventh among the top 100 industrial areas in China

In 2022, the area introduced 320 industrial projects worth more than 100 million yuan ($14.89 million), among which 20 projects received investment from 500 global enterprises. There were 868 projects with a total investment of 237.7 billion yuan.

The emerging new-type display industry also made fruitful achievements in the new area. In 2022, numerous projects made significant development, such as Qingdao Ronghe Photoelectric Technology Co and Qingdao BOE Photoelectric Technology Co Ltd and the Qingdao New-type Display Industry Park opened, which has helped to further improve the city's research and development capabilities and global competitiveness.

The area continues to take steps to improve its business environment. It has carried out reform in systems and mechanisms and was recognized as a model district in terms of entrepreneurship, government procurement and cross-border trade.