A view of Qingdao, Shandong province. [Photo/IC]

Qingdao, Shandong province posted 18 percent GDP growth year-on-year in the first quarter of 2021, amounting to 303.74 billion yuan ($46.84 billion), seeing a steady economic recovery, the local government reported on April 26.

The added value of industries above designated size in the city saw 25.2 percent growth year-on-year and 14.2 percent growth from the same period in 2019. It had a two-year average growth of 6.9 percent.

From January to February, the city's industrial enterprises above designated size brought in 8.55 billion yuan in profits, a 2.2-fold year-on-year increase and an increase of 73.4 percent from the same period in 2019.

In the first three months of 2021, investments in high-end equipment, new energy, new materials, and modern logistics grew steadily, with year-on-year increases of 14.7 percent, 6.1 percent, and 4 percent, respectively.

Total retail sales of consumer goods in Qingdao exceeded 128 billion yuan in Q1, an increase of 27.2 percent year-on-year.

The city's foreign trade hit 177.93 billion yuan in Q1, a year-on-year increase of 31.6 percent and a two-year average growth of 14.5 percent. Imports and exports of private enterprises were up 38.4 percent year-on-year, accounting for 64 percent of the city's total imports and exports, an increase of 3.2 percentage points year-on-year.