Qingdao WCNA achieves 5th consecutive triumph in regional economic performance

An aerial view of Qingdao West Coast New Area. [Photo/WeChat account: qdxihaianfabu]

Qingdao West Coast New Area (Qingdao WCNA) has once again outperformed its regional counterparts, claiming victory for the fifth consecutive quarter in the "Grab the Stars and Seize the Flag" examination. With a comprehensive score of 99.1, the area's robust gross domestic product (GDP) growth and flourishing industries have been instrumental in its continued success.

During the first quarter of 2023, the district witnessed a 5.8 percent year-on-year increase in regional GDP, reaching 110.6 billion yuan ($15.97 billion) and accounted for 31.6 percent of the city's overall total. Consistently ranking first among Qingdao's districts, the area contributes an impressive 58.3 percent to the city's total GDP increment.

A primary factor behind the district's sterling performance is its emphasis on advancing the real economy, attracting investments, and implementing innovative projects. Significant strides have been made in enhancing the region's "5+5+7" leading industries, as well as the city's 24 industrial chains. In the first quarter alone, 53 industrial projects, each boasting an investment of over 1 billion yuan, were signed.

Furthermore, the area maintains a construction rate of over 95 percent and an annual planned investment completion rate of over 46 percent for 61 essential provincial and municipal implementation projects. These projects benefit from a combined investment of 186 billion yuan.

Looking ahead, Qingdao WCNA aims to uphold its formidable economic momentum by addressing any areas of weakness and augmenting its strengths.