Shandong's openness fuels high-quality development

(| Updated : 2024-01-11

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Shandong province continues to champion openness as the linchpin for accelerating its modernization and robust development. 

The pivotal role of openness was recently highlighted, and deeper reforms were called to invigorate private enterprises, to enhance foreign trade stability, attract high-quality foreign investment, and elevate the overall openness of platforms.

Shandong's unwavering commitment to overcoming challenges through reforms and harnessing vitality via openness resulted in a 2.2 percent year-on-year import and export growth in January-November period of 2023, reaching a total value of 2.96 trillion yuan ($416.84 million). 

Notably, the West Coast New Area of Qingdao achieved significant milestones in the biopharmaceutical sector, establishing the nation's largest traditional Chinese medicine production base that uses marine plants like seaweed .

To bolster high-quality development, the province implemented reforms in development zones, optimizing performance assessments and propelling the establishment of green industrial parks. 

The province prioritized technology-oriented SMEs, introducing financial assistance like science and trust loans in the pilot free trade zone in Yantai. Concurrently, Shandong's open platforms, exemplified by the Shanghai Cooperation Organization Demonstration Zone, demonstrated prowess in institutional innovation, facilitating international cooperation.

The province's commitment to the Belt and Road Initiative and increased cooperation with Central Asian regions was manifested in the China-Europe freight trains, whose annual operation exceeded 2,500 trains, fostering robust economic and trade exchanges.

With a focus on broadening openness and stabilizing foreign trade, Shandong emerged as a beacon for international cooperation, ranking fifth nationwide in actual foreign capital usage. The province's success underscores its strategic approach to high-quality development through a harmonious blend of reforms and openness.