Investment in Shandong
Key Facts:
Area: 153,000 square km
Population: 90.79 million (2001)
Capital City: Jinan
Major Cities: Weihai, Dezhou, Linyi, Qingdao, Qufu, Tai’an, Yantai
GDP: 1549.07 billion RMB (2004)
Investing in Shandong Province
When realised in monetary terms Foreign Direct Investment (FDI) in Shandong Province in 2005 was US$ 9.82 billion, an increase of 32.4% on the previous year. During the year overseas project and labour contracts that were signed are estimated to have been worth US$ 1.47 billion, an increase of 18% on 2004. To encourage greater investment there has also been a dramatic effort to improve infrastructure in the province. For example in 2004 investment in road construction totalled 40.75 billion RMB, this was an increase of 24.7% on the value spent in 2003. By the end of 2004 3,033 km of express highway had been laid and opened to the public.
In 2004 revenue from all major industry sectors increased in 2004. Revenue from the tourism sector stood at 81.47 billion RMB at the end of 2004, an increase of 42.1% compared to the previous year. The annual turnover for sales in the retail sector was up by 13.9% in 2004 to 448.34 billion RMB. The total added value of the construction industry between 2003 and 2004 increased by 28.4% to 190.21 billion RMB. The annual turnover of the telecommunications industry in 2004 was 48.46 billion RMB, a dramatic increase of 45.0% on 2003. Annual turnover of the postal industry between 2003 and 2004 increased by 9.6%. The total added value of the construction industry increased dramatically between 2003 and 2004 by 28.4% to 190.21 billion RMB. The added value of the heavy industry sector increased by 26.5% to 649.83 billion RMB.
At the end of 2004 the employed population stood at 57.28 million. Approximately 1.03 million new jobs were created in that year and 440,000 previously laid off workers were able to return to work. In 2004 more than 100,000 students received financial aid from the government.
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