The Qingdao Municipal Government recently held a press conference to announce that Qingdao in 2024 realized a GOP (Gross Ocean Product) of RMB551.32 bln, accounting for 5.2% and 30.6% of the country’s and Shandong Province’ GOP, respectively, and representing 33% of Qingdao’s GDP over the same period. Marine economy in 2024 helped boost the city’s economic growth by 2.1 percentage points, with a contribution rate of up to 45.9%. The first, secondary and tertiary industries in the marine economy witnessed coordinated development, comprising 2.9%, 43.5% and 53.6% of the city’s GOP, respectively.

In 2024, market players in Qingdao’s marine economy continued to expand, and Qingdao was home to as many as 3,221 ocean-related enterprises above designated size, accounting for about 30% of the province’s total. Fundamentals of the marine economy remained stable and made headway. 15 major marine industries in Qingdao secured a combined added value of RMB252.43 bln, increasing by 8.3% year on year and representing 31.3% of the province’s total. The modern marine industrial system was established at a faster pace. The added value of the city’s “4+4+2” modern marine industries exceeded RMB210 bln.

Furthermore, Qingdao announced the GOP growth target for 2025 of around 6.5%. Qingdao will move faster to promote the construction of 170 key marine projects with a total investment of RMB240 bln, and strive to complete 40 projects, put 20 projects into operation and utilize more than RMB40 bln in investment. Qingdao will endeavor to introduce over 150 new projects with a total investment of RMB100 bln by taking targeted steps to attract investment across industrial chains, and coordinating investment attraction through joint efforts and platforms.

(Geng Tingting)