Qingdao is an important economic center on the eastern coast of China. The economic aggregate of Shandong Peninsula Economic Area, which includes Qingdao and other seven cities of Shandong Province, is as high as RMB 2,600 billion Yuan, ranking 4th immediately after the Yangtze River Deltas, the Pearl River Deltas and the Beijing-Tianjin-Tangshan Economic Area in China. 19 counties surrounding Qingdao are on the list of the Top 100 Counties of China. Being the center of Shandong Peninsula urban agglomeration, Qingdao is striving to develop headquarters economy, R&D centers, brand economy, convention and exhibition economy, IT service industry, trading and distribution and all kinds of productive service industries to build a high-end platform for the economic development of Shandong Province. In terms of conventional industries, Qingdao has advantages in locomotive and rolling stock, shipbuilding and maritime engineering, electronics and household appliances, petrochemical industry, automobile manufacturing, machinery, rubber, steel, food & beverage and light industry. Emerging industries also operate in Qingdao to a certain extent; software, animation and creativity, marine industry, biomedicine, helicopter manufacturing, new energies and materials are examples. Finally, IT, construction, education, finance and entertainment also deserve to be mentioned.
From 2008 to 2011, the GDP of Qingdao grew in yearly steps of RMB 100 billion Yuan to reach RMB 661.56 billion Yuan in 2011 with an average annual increase of 12.5%. The general budget revenue of local public finance reached RMB 56.6 billion Yuan with an average annual increase of 17.9%. The total investment in fixed assets amounted to RMB 350.25 billion Yuan with an average annual increase of 23.5%, whereas the total retail sales of consumer goods reached RMB 223.3 billion Yuan with an average annual increase of 16.4%. The per capita disposable income of urban residents was RMB 28,567 Yuan with an average annual increase of 12.5%. The per capita net income of peasants reached RMB 12,370 Yuan with an average annual increase of 13.3%. The target of energy saving and emission reduction of the 11th five-year plan was accomplished in advance.
According to the preliminary calculation, Qingdao has realized a GDP of RMB 798.011 billion Yuan in 2012, with an increase of 10.6% in terms of comparable prices. That year, the first, second and third sectors increased by RMB 32.441 billion Yuan, RMB 340.223 billion Yuan and RMB 357.547 billion Yuan, respectively. The per capita disposable annual income of urban residents was RMB 32,145 Yuan (RMB 15,753 Yuan for the low income group and RMB 61,840 Yuan for the high income group) and the per capita annual consumption expenditure was RMB 20,391 Yuan.