China's Shandong eyes over 5 pct GDP growth in 2023

Tourists line up to buy food in Jinan, east China's Shandong Province, Jan. 1, 2023. (Xinhua/Zhu Zheng)

JINAN, Jan. 14 (Xinhua) -- China's Shandong Province, one of the country's major economic powerhouses, set a gross domestic product (GDP) growth target of over 5 percent for 2023, according to the first session of the 14th People's Congress of Shandong.

Shandong's 2022 GDP is estimated at 8.7 trillion yuan (about 1.3 trillion U.S. dollars), up about 5.4 percent, according to a government work report delivered at the session on Friday.

The province's import and export volume exceeded 3 trillion yuan in 2022, and its actual utilization of foreign investment nearly doubled from five years ago.

The province also set goals for other major economic indicators in 2023, including the per capita disposable income growth of residents at over 5 percent, a surveyed urban unemployment rate of within 5.5 percent, and a consumer price index growth of about 3 percent.

In 2023, Shandong will encourage consumption and expand domestic demand, promote major industrial projects, and focus on green, low-carbon and high-quality development.

According to the report, the province will also promote the advanced manufacturing industry and modern industrial system, upgrade industries like steel, chemicals, non-ferrous metals and light textiles, and further the development of the intelligent home appliances, rail transportation equipment and power equipment sectors.