Shandong province has demonstrated remarkable economic resilience in 2024, achieving significant growth in both domestic consumption and international trade.

In the first 11 months of 2024, Shandong province achieved a total retail sales of consumer goods of 3.4 trillion yuan ($460 billion), ranking third in the country. Imports and exports exceeded 3 trillion yuan, with exports growing by 6.9 percent. Agricultural exports maintained their top spot for the 26th consecutive year.

To further stimulate demand, the province held over 3,500 promotional events throughout the year, with a strong focus on trade-ins for vehicles, home appliances, and other consumer goods. The trade-in program for vehicles was particularly successful, with Shandong accounting for more than one-sixth of the total vehicle scrappage and renewal in China. Nearly five million households benefited from these policies.

In 2024, Shandong further strengthened its commitment to high-level openness, seeking new avenues for foreign investment and cooperation. The province's trade with countries involved in the Belt and Road Initiative surpassed 2 trillion yuan for the first time.

The province has also attracted substantial foreign investment. Shandong hosted high-level events such as the fifth Qingdao Multinationals Summit, and the 2024 Singapore-Shandong Week event. Shandong is home to over 19,000 foreign-invested enterprises as well as 938 subsidiaries established by 236 Fortune 500 companies, which benefits influential industrial clusters such as automotive manufacturing, new-generation information technology, and engineering machinery.