RIZHAO, China, Jan. 6, 2023 /PRNewswire/ -- A report from chinadaily.com.cn:

Rizhao, a city in East China's Shandong province, has made steady progress in economic and social development in the past year, according to the city's government work report recently released at the second session of the 19th Rizhao Municipal People's Congress.

According to the report, it is estimated that Rizhao's gross domestic product (GDP) exceeded 230 billion yuan ($33.54 billion) by the end of 2022. During the same period, the city's foreign trade volume and actual used foreign capital increased by 20 percent and 48 percent year-on-year, respectively.

Over the past year, Rizhao has made great efforts to develop new growth drivers and has achieved fruitful results. More than 200 high-tech enterprises were established in 2022 and the city's added value of high-tech manufacturing increased by 17.8 percent year-on-year.

Last year, the city has increased investment in education, employment, medical care, elderly care, housing and social assistance. Spending on people's livelihoods accounted for over 80 percent of the city's fiscal expenditures in 2022 and 29,500 new urban jobs were created.

Rizhao also set ambitious development goals for 2023. The city expects its GDP to increase at least 5 percent, the added value of industrial enterprises above designated size should rise to around 6 percent, and the general public budget revenue is expected to increase at least 5 percent.

Rizhao's economy is projected to witness a robust rebound in 2023 as the country eases its COVID-19 control measures in 2023. The city plans to focus more on expanding consumption by hosting a series of promotional events. More efforts are also expected to be made to develop night economy and a number of business districts and characteristic commercial blocks are being planned.

The city plans to continue strengthening its leading industries by accelerating the construction of industrial projects, such as the ZF Friedrichshafen AG manufacturing base Chery Automobile Co's production base. Emerging industries, such as hydrogen energy, metaverse, and artificial intelligence, are also expected to be fostered.

In 2023, Rizhao aims to increase its foreign trade volume by over 30 percent and put more emphasis on developing pilot zones for cross-border e-commerce.

Source: chinadaily.com.cn