Yantai sets its GDP growth target above 5.5 percent for 2023 at the ongoing second session of the 18th Yantai Municipal People's Congress, which kicked off on Dec 28 and ran until Dec 30. [Photo/Shm News]

The coastal city of Yantai in East China's Shandong province set its GDP growth target above 5.5 percent for 2023, according to the government work report released at the ongoing second session of the 18th Yantai Municipal People's Congress, which kicked off on Dec 28 and ran until Dec 30.

Despite facing pressures from a complicated global business environment and COVID-19 outbreaks, Yantai has released a variety of measures to stabilize the economy.

It is estimated that the city's GDP grew by more than 5 percent year-on-year, and the value added of industrial enterprises above designated size is expected to grow by more than 10 percent this year. The growth rate of total retail sales of consumer goods was higher than the national and provincial average levels this year, and the total foreign trade volume reached 450 billion yuan ($64.71 billion), an increase of about 10 percent year-on-year.

Next year is the starting point for fully implementing measures put forth by the 20th National Congress of the Communist Party of China, and is also when Shandong will begin building itself into a green, low-carbon and high-quality development pilot province in China. Yantai's GDP is expected to exceed 1 trillion yuan next year.

Yantai plans to roll out a slew of supportive measures to achieve economic and social development goals, which include expanding domestic demand, stabilizing economic growth, and building a modern industrial system. Efforts will also be made to foster new economic growth drivers and industrialization. The city also set goals for taking solid steps to promote common prosperity.