The eastern port city of Qingdao, Shandong province posted robust growth in foreign trade last year despite the impact of the COVID-19 pandemic, according to official data.
In 2020, the city's imports and exports totaled 640.7 billion yuan ($98.99 billion), an increase of 8.2 percent from the previous year. Among them, its exports stood at 387.68 billion yuan, an increase of 13.7 percent, while imports reached 253.02 billion yuan, up 0.7 percent.
The eastern coastal city of Qingdao, Shandong province boasts a vibrant economy.
Last year, the city's exports to traditional markets were valued at 206.86 billion yuan, an increase of 10.8 percent. Exports to emerging markets stood at 142.88 billion yuan, up 15.9 percent.
The city's trade with countries involved in the Belt and Road Initiative hit 181.77 billion yuan, an increase of 16.3 percent and accounting for 28.4 percent of the city's total.
Service trade has become a new engine of Qingdao's international trade growth. Last year, 9,318 service outsourcing contracts were registered in the city, an increase of 3.93 percent, while the executed contract amount totaled $5.05 billion, an increase of 7.09 percent.
Over the last year, Qingdao welcomed 25 new firms that are among the world's top 500 companies, while its actual utilization of foreign capital stood at 40.59 billion yuan, ranking sixth among all domestic cities. A total of 301 foreign-funded projects each worth more than $10 million were approved in the city over the past year.
This year, the city will continue its efforts in building an international trading hub. More measures will be taken to explore international markets, promote the upgrading of trade in services, strengthen cross-border e-commerce import and export and enhance trade facilitation, said local officials.
Source：CHINA DAILY-Charming Qingdao
