According to updated statistics, the GDP of Qingdao West Coast New Area (WCNA) reached 311.21 billion yuan ($48.84 billion) in the first three quarters of 2021, a year-on-year increase of 11.8 percent.

The sound economic growth is attributed to the development strategy issued by the WCNA in March, 2021. The strategy is focused on the integration of nine key industrial chains, which include new generation semiconductors, high-end chemicals and new materials, marine biomedicine, marine engineering, smart home appliances, automobiles, marine cold chains, film and television culture, and the new economy.

With the coordinated development, enterprises have significantly improved their competitiveness.

Examples of this growth are an order agreement for 30 engines worth 1 billion yuan that was signed by Qingdao Beihai Shipbuilding Company and CSS in August 2021 as well as an order for 10 ships with a capacity of 5,000-ton containers signed by CMA CGM Company in France, which marks the shift of focus from the WCNA’s traditional shipping industry model to high-quality development.

In addition, the third over-200-meter deep-water jacket in Asia is under construction by CNOOC Qingdao Company. It is expected to be delivered in March 2023.

Statistics show that from January to November 2021, nine industrial chains in the WCNA have introduced 208 key projects with a total investment valued at 306.8 billion yuan, and an annual expected output value of 196.2 billion yuan.

"The new area will continue to accelerate the development of small and medium-sized enterprises in 2022, and form an development pattern featuring innovative coordination, production sharing, and supply chain interconnectivity," said Shi Guilong, director of the Development and Reform Bureau of Qingdao West Coast New Area.