Economic Overview

Economic Overview

       

Vital Statistics (2006)
GDP:  RMB320.66 billion
GDP per Capita:  RMB42,789
Economic Growth Rate:  15.7%
Population:  2.71million (urban), 4.78 million (rural)
FDI:  US$3.66 billion
Annual Average Wage:  RMB18,235
Government Effectiveness Rating:  5th
2006 Chinese Cities Competitive Rating:  11th

  Economic Overview        

Qingdao is a well-known summer resort city with unique coastal scenery, sandy beaches and a mild climate, which will play host to the sailing and sail boarding events of the Beijing 2008 Olympic Games. The city provides a lively atmosphere and plays host to the annual Qingdao International Beer Festival which draws huge crowds of loyal expatriate and domestic fans from all over the country and region. Billed as China's most environmentally-friendly city, Qingdao is a multiple award winning city including, the "China Cities Award for Habitable Environment", the "Entrepreneurial Satisfaction Award" and the 2005 "Most Popular City Award".

The city sits right in the bulls-eye between world economic powerhouses Beijing and Shanghai on the mainland, and Seoul, South Korea and Tokyo, Japan to the east; all within a one hour flight. With such close proximity, the city has become the preferred confluence for transactions between these major centers of trade and commerce, as well as an epicenter for leisure-time pursuits.

In recent years, Qingdao has experienced a sustained period of rapid economic growth, with a GDP reaching 320.66 billion RMB in 2006. Qingdao enjoys the most diversified economy of any city/region in China, ranking first in comprehensive competitiveness compared to all other cities in Shandong Province and 11th overall among all mainland Chinese cities. Total investment in fixed assets reached 148.57 billion RMB in 2006.

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