The eastern coastal city of Qingdao, Shandong province posted steady economic growth in the first two months of the year, according to local authorities.

The city is leading the way from an industrial to a digital economy. It is aiming to become the industrial internet capital of the world and has been strengthening efforts to foster its industrial internet ecosystem, empowering local industrial development with advanced technologies such as next-generation wireless networks, big data, artificial intelligence and the internet of things.The coastal city of Qingdao, Shandong province boasts a vibrant economy. [Photo provided to chinadaily.com.cn]

From January to February this year, the production of Qingdao's industrial enterprises above designated size rebounded sharply, with added value up 41.5 percent year-on-year and up 14.2 percent from January-February 2019.

All 35 industrial sectors in the city registered growth, 21 more than in the January-February period of 2019.

Growth in investment also picked up, as the city's fixed asset investment grew 23.2 percent year-on-year in the first two months of the year, up 4.6 percent from the same period in 2019.

The city has launched a series of measures to spur consumption and increase market demand alongside epidemic prevention and control measures.

The sales of wholesale and retail businesses above designated size in the city increased by 84.7 percent and 33.5 percent year-on-year, respectively, and increased by 81 percent and 17.6 percent over the January-February period of 2019.

Online retail sales continued to increase, with sales of monitored businesses above designated size increasing by 27 percent year-on-year.

The port city also saw strong performance in foreign trade. From January to February this year, the city's imports and exports hit 114.41 billion yuan ($17.53 billion), up 39.3 percent year-on-year, and up 28.4 percent compared with the same period in 2019.

Qingdao's employment situation remained stable during the period, with 39,000 new urban jobs created, up 99.1 percent year-on-year.

Source：CHINA DAILY-Charming Qingdao