Qingdao recently announced its economic performance in the first quarter of 2025. According to the unified GDP calculation method, Qingdao’s GDP in the first quarter amounted to RMB407,134 mln, increasing by 5.9% year on year based on constant prices. The growth rate marks an auspicious start for Qingdao’s economy in 2025.

Overall, Qingdao’s GDP in the first quarter saw a net increase of RMB32,780 mln from the previous year, whose growth rate outpaced the national rate by 0.5 percentage points. Industrially speaking, the value added of the first industry, the second industry and the tertiary industry increased by 4.3%, 5.9% and 5.9% to RMB3,751 mln, RMB126,344 mln and RMB277,039 mln, respectively.

The value added of industries above designated size in the first quarter climbed by 8.7% year by year. 21 of 35 broad sectors, representing 60%, made progress in the value added. The value added of the equipment manufacturing industry above designated size grew by 14.6%, 5.9 percentage points higher than the growth rate of the value added of industries above designated size. The service sector maintained momentum, saw a year-on-year increase of 5.9% in the value added, and contributed 68% of the city’s GDP.

The three drivers of China’s economy, which are composed of net exports, consumption and investment, made steady headway amid improved performance. Trade in goods maintained growth and the private sector played a significant role. The city’s imports and exports in the first quarter totaled RMB211,160 mln, gaining by 2.3% year on year. Among them, exports increased by 6.9% to RMB127,690 mln, while imports narrowed by 4.1% to RMB83,470 mln.  (Wang Yining)