Jinan's GDP hit 1.01 trillion yuan ($156.73 billion) for the first time in 2020, according to a report at a news conference on Jan 26, meaning it is now a member of China's one-trillion-yuan GDP club.

The "one-trillion-yuan GDP club" is made up of cities with an annual GDP of at least one trillion yuan. Twenty-three cities are currently in the club.

Jinan made strong progress in economic and social development in 2020, despite the impact of COVID-19. Official data showed that the city's GDP increased by 4.9 percent last year.

The city's agricultural production maintained steady growth and its total grain output reached 2.91 million tons.

Consumption also saw a gradually recovery, with total retail sales of consumer goods valued at 446.91 billion yuan, up 1.1 percent.

In addition, industries in the city saw rapid growth and the added value of industries above designated size rose 12.2 percent. Fixed asset investment increased by 4 percent, 1.1 percentage points higher than the national average and 0.4 percentage points higher than the provincial average.

Meanwhile, Jinan's exports and imports totaled 138.27 billion yuan, a year-on-year increase of 23 percent. Its trade with countries involved in the Belt and Road Initiative was valued at 48.24 billion yuan, up 13.9 percent.

In addition, general public budget revenue was valued at 90.61 billion yuan, a year-on-year increase of 3.6 percent, while government expenditures totaled 128.88 billion yuan, of which spending on healthcare and family planning was up 20 percent over the previous year.

People's living standards also improved last year, as the per capita disposable income of urban and rural residents increased by 2.7 percent and 5 percent to 53,329 yuan and 20,432 yuan, respectively.

During the 14th Five-Year Plan period (2021-25), Jinan plans to make further progress in scientific innovation, intelligent manufacturing, cultural development, healthcare, and environmental improvement.